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CH$8$: Q$9$

Campbell$-$Wilson Corporation, is a software development company that recently reported the following amounts $($in thousands$)$ in its unadjusted trial balance as of February $28,2019.$

$[1]$: Assume Campbell$-$Wilson uses $$ of $1$ percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting journal entry required at February $28$ for recording Bad Debt Expense. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in whole dollars, rather than in thousands of dollars $($e$.$g$.$ $$4$ would be entered as $$4,000).)$

$[2]$:Assume instead that Campbell$-$Wilson uses the aging of accounts receivable method and estimates that $$6,900($thousand$)$ of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February $28$ for recording bad debt expense.$[$TIP: The aging of accounts receivable method focuses on calculating what the adjusted Allowance for Doubtful Accounts balance should be$.$ You need to consider the existing balance when determining the adjustment. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in whole dollars, rather than in thousands of dollars $($e$.$g$.$ $$4$ would be entered as $$4,000).]$

$[3]$: Assume that the unadjusted balance in Campbell$-$Wilson's Allowance for Doubtful Accounts at February $28$ was a debit balance of $$1,380($thousand$).$ Campbell$-$Wilson uses the aging of accounts receivable method and estimates that $$6,900($thousand$)$ of Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at February $28$ for recording bad debt expense. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in whole dollars, rather than in thousands of dollars $($e$.$g$.$ $$4$ would be entered as $$4,000).)$

$[4]$: If one of Campbell$-$Wilson$$s customers declared bankruptcy, what journal entry would be used to write off its $$690($thousand$)$ balance? $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in whole dollars, rather than in thousands of dollars $($e$.$g$.$ $$4$ would be entered as $$4,000).)$

PLEASE HOW EACH STEP WHILE KEEPING THE WORK EASY TO FOLLOW. SO I CAN LOOK AT THE ANSWERS AND LEARN HOW TO DO IT MYSELF.

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