Limo.com had the following balances on December 31, 2015, before the year-end adjustments: The aging of receivables
Question:
Limo.com had the following balances on December 31, 2015, before the year-end adjustments:
The aging of receivables yields these data:
Journalize Limo.com's entry to adjust the allowance account to its correct balance on December 31, 2015.
Transcribed Image Text:
Accounts Receivable Allowance for Doubtful Accounts 104,000 1,300 Age of Accounts 31-60 61-90 Over 90 Total 1-30 Days S70,000 $20,000 $10,000 $4,000 $104,000 Days Receivables Days Days Accounts Receivable . Estimate Percentage Uncollectible. x 1% x 2% x 5% x 50%
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Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
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