Part IV: Allowance for Doubtful Accounts (11 points) On Deeember 31,2023, the trial balance of...
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Part IV: Allowance for Doubtful Accounts (11 points) On Deeember 31,2023, the trial balance of Banks \& Co. has the following accounts before adjustment: The company estimates its bad debt expense based on 4% of accounts receivable. 1. Write the adjusting entry on December 31, 2023 to recognize bad debt expense. ( 3 points) 2. What was the net realizable value of accounts receivable reported on its balance sheet as of December 31 , 2023? (2 points) 3. On March 25, 2024, Bariow Company determined that John Jefferson's account was uncollectible and wrote off $3,000. Record the journal entry for the write-off. (2 points) 4. On April 11, 2024, John Jefferson paid the amount previously written off. Prepare the journal entries for the recovery. (4 points)
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