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On 1/1/XX Kurck Corporation had a credit balance of $10,000 in its "Allowance for Doubtful...

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Accounting

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On 1/1/XX Kurck Corporation had a credit balance of $10,000 in its "Allowance for Doubtful Accounts" account. The following events occurred during January 20XX 1. On January 7 Kurek Corporation sold 53,500 of product on account to Laraway Co., a new customer. 2. On January 15 Kurck Corporation determined a $400 outstanding balance of Johnson LLC to be uncollectible and wrote it off 3. On January 19 Kurek Corporation sold $2,000 of product on account to Jackson Inc. 4. On January 23 Kurek Corporation received $200 from Ramirez Manufacturing, which had previously been written off as uncollectible last month. Requirement 1: Journalize each of the abewe events (1.-4.) below: 1 2 3 4 Requirement 2: Assume Kurek Corporation used the aging of accounts receivable method to estimate its "Allowance for Doubtful Accounts to be $10,100 a January 31, 20XX. Provide the joumal entry to record the appropriate bad debt adjustment for January 20XX Requirement 3. Assume Kurek Corporation uses the percent of credit sales method to estimate bad debts. Using the total January sales on account from above and a 4% uncollectible accounts percentage provide the journal entry to record the appropriate bad debt adjustment for January 20XX

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