Limo.com had the following balances on December 31, 2013, before the year-end adjustments: The aging of receivables

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Limo.com had the following balances on December 31, 2013, before the year-end adjustments:

The aging of receivables yields these data:

Journalize Limo.corn€™s entry to adjust the allowance account to its correct balance on December 31, 2013.

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Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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Question Posted: Jul 08, 2015 02:33 AM

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Limo.com had the following balances on December 31, 2013, before the year-end adjustments: The aging of receivables

Question:

Accounts Receivable Allowance for Doubtful Accounts 104,000 1,300 Age of Accounts 1-30 31-60 61-90 Over 90 Total Days Days Days Days Receivables Accounts Receivable.. Estimate Percentage Uncollectible $70,000 $20,000 $10,000 $4,000 $104,000 × 5% × 1% × 2% × 50%

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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF DR CR 2013 Dec ...View the full answer

Financial Accounting

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