1. Complete the aging schedule for Harper Company. Customer Total Not Yet Due Number of Days Past...
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Question:
1. Complete the aging schedule for Harper Company. | |||||||
Customer | Total | Not Yet Due | Number of Days Past Due | ||||
1-30 | 31-60 | 61-90 | Over 90 | ||||
Allen | $18,000 | $12,000 | $6,000 | ||||
Brian | $24,000 | 24,000 | |||||
Charles | $40,000 | 25,000 | 15,000 | ||||
Dwight | $52,000 | 52,000 | |||||
Others | $196,000 | 97,000 | 60,000 | 39,000 | |||
Total | |||||||
Estimated % uncollectible | N/A | 1% | 3% | 9% | 20% | 40% | |
Total estimated bad debts | |||||||
2. Prepare the necessary journal entry to adjust the allowance account.
3. Post the above journal entry.
Bad Debts Expense | Allowance for Doubtful Accounts | ||||
$17,250 | 1/1/2022 | ||||
12/31/2022 |
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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