Problem: The accounts receivable balance for Hawk Corporation is $6,400,000 as of December 31, 2019. Before calculating and recording the year's bad debt expense, there is a credit balance in the Allowance for Doubtful Accounts of $100,000. 2019 net sales were $48,000,000. In the past several years, 1% of net sales have proven uncollectible. An aging of accounts receivable results in a $570,000 estimate for the Allowance for Doubtful Accounts as of December 31, 2019. PART A: PERCENT OF SALES METHOD Assume that Hawk Corporation uses the percent of sales method to estimate future uncollectible accounts.
Q1. What adjusting entry does Hawk make to record 2019 Bad Debt Expense?
Q2. What is "Accounts Receivable, net" on Hawk's December 31, 2019 Balance Sheet?
Q3. What is "Bad Debt Expense" on Hawk's 2019 Income Statement?
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