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Category > Accounting Posted 06 May 2018 My Price 7.00

Kraft Foods Inc

Recording Accounts Receivable Transactions Using the Allowance Method Kraft Foods Inc. is the second-largest food and beverage company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance as of December 31, 2007 (all amounts in millions):

Required:

1. Assume Kraft uses the aging of accounts receivable method and estimates that $233 of accounts receivable will be uncollectible. Prepare the adjusting journal entry required at December 31, 2007, for recording bad debt expense.

2. Repeat requirement 1, except this time assume the unadjusted balance in Kraft’s Allowance for Doubtful Accounts at December 31, 2007, was a debit balance of $20.

3. If one of Kraft’s main customers declared bankruptcy in 2008, what journal entry would be used to write off its $15 balance?

4. Assume Kraft uses ½ of 1 percent of sales to estimate its bad debt expense for the year. If you also assume that no bad debt expense has been recorded for 2007, what adjusting journal entry would be required at December 31, 2007, for bad debt expense?

Answers

Maurice Tutor
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Status NEW Posted 06 May 2018 08:05 PM My Price 7.00

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