Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $665,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $40,000 at the beginning of 2021 and $25,000 in receivables were written off during the year as uncollectible. Also, $2,000 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. Required:
Prepare journal entries to record the write-off of receivables, the collection of $2,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.

Bad debt expenses is $82,750

Explanation:

Recording the write off receivables

Date  Account Titles and Explanation                 Debit       Credit

          Allowances for uncollectible accounts   $25,000

               Accounts receivables                                              $25,000

           (To write off an uncollectible amount)

Recording the reinstatement of an account previously written off

Date  Account Titles and Explanation                 Debit       Credit

          Account receivables                                  $2,000

                 Allowances for uncollectible accounts               $2,000

          (To reinstatement of an account previously written off)

Recording collection of account previously written off

Date  Account Titles and Explanation                 Debit       Credit

          Cash                                                               $2,000

                           Account receivables                                  $2,000

          (To record the cash received)

Recording bad debt expenses for the year

Date  Account Titles and Explanation                 Debit       Credit

          Bad debt Expenses                                   $82,750

                Allowances for doubtful accounts                        $82,750

           (To record estimated bad debts)

Workings

Particulars                        Amount

Beginning balance                    $40,000

Less: Receivables write off       $25,000

Add: Collection of receivables  $2,000

        previously written off

                                                     $17,000

Less: Required allowances         $99,750 ($665,000*15%)                  

Bad debt expenses                     $82,750

Thus, the bad debt expenses is $82,750

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