Rowen Company has accounts receivable of $241,000 at September 30, 2017. An analysis of the accounts shows

Question:

Rowen Company has of $241,000 at September 30, 2017. An analysis of the accounts shows the following:
Month of Sale Balance
September...............................$170,000
August......................................35,700
July..........................................20,000
April, May, and June.....................15,300
...........................................$241,000
Credit terms are 2/10, n/30. The unadjusted balance in the Allowance for Doubtful Accounts on September 30, 2017, is $1,400 debit. The company uses an to estimate uncollectible accounts. The company's percentage estimates of bad debts are as follows:
Number of Days Outstanding Estimated % Uncollectible
0-30.....................................................1%
31-60..................................................10%
61-90..................................................25%
Over 90................................................60%
Instructions
(a) Prepare an to determine the total estimated uncollectible accounts at September 30, 2017.
(b) What is the net realizable value of the at September 30, 2017?
(c) Prepare the adjusting entry at September 30 to record bad debt expense.
Accounts Receivable
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Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...