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Q1) Montgomery Burns Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2001, before current years (2001) provision for uncollectible accounts. Aging of accounts receivable revealed  following:

    Estimated Percentage Uncollectible
Current Accounts $120,000 1%
1 -30 days past due 12,000 3%
31 - 60 days past due 10,000 6%
61 - 90 days past due 5,000 12%
Over 90 days past due 8,000 30%
Total Accounts Receivable $155,000

(a) Suppose that company uses percentage of receivables allowance method, make adjusting entry on December 31, 2001, to identify bad debts expenses.

(b) Suppose same facts as above except that Allowance for Doubtful Accounts account had $500 debit balance before current year's provision for uncollectible accounts. Again, make adjusting entry on December 31, 2001, to identify bad debts expenses.

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