Question

Essa Plan Essay other other MNigge Gnes ezto.mheducation.com/hm.tpx ESCI 111 Quiz 10 Bookmarks PA8-1 Recording Accounts Receivable Transactions Using the Aging Method ILO 8-2 Rogala Foods, Inc. sells Oscar Mayer, Jel-O, Tassimo, and many other food brands. The company reported the following rounded amounts as of December 29, 2012 (all amounts in millions) Debis Credits S1,180 Accounts Receivable Allowance for Doubtful Accounts S 46 18,900 Sales (assume all on credit) Required: 182 Prepare the adjusting jounal entry required at December 31, 2012, for recording Bad Debt Expense. (If no entry is required for a transactionlevent, select “No Jourmal Entry Required in the first account field. Enter your answers in millions (i.e, 10,000,000 should be entered as 10 Round your answers to the nearest whole number.) 0) Assume Rogala uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year Rogala uses the aging of accounts receivable method and estimates that $86 of its Acoounts Receivable will be uncollectible Answer is not complete. General Journal Credit Dec 31, 2012 Bad Debt Expense Allowance for Doubtful Accounts 2Dec31, 2012 Bad Debt Expense Allowance for Doubeful Accounts 3. Assume instead that Rogala uses the aging of accounts receivable method and estimates that $86 of its Accounts Receivable Expense required at December 31, 2012, assuming the Doubtful Accounts at December 31, 2012 was a debit balance of $26. (If no entry is req wil be uncollectble. Prepare the adjusting journal entry for recording Bad Debt 31, 2012, assuming the unadjusted balance in Rogala's Allowance for uired fora nt select o ournal Entry Reguired” in the first account field. Enter your answers transaction/event F3 FS