5. Richmond & Partners, a legal firm, uses the halance sheet approach to estimate uncollectible accounts...

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5. Richmond & Partners, a legal firm, uses the halance sheet approach to estimate uncollectible accounts expense. At year- end an aging of accounts receivable revealed the following five groups, and Allowance for Doubtful Accounts has an existing credit balance of $3.000. Estimated uncollectible Amount Percentagdamounts Esplanation Not Yet Due 370,000 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Duc Over 90 Days Past Duc 30,000 Total 30,000 4 90,000 6 20,300 8 10 540,300 „Fill in the estimated uncollectible amount column in the table above, and prepare the necessary adjusting entry to bring the Allowance for Doubtful Accounts to the proper amount on January 10th. Date Account name DebilCredit On January 15th, the company learned that an existing doubtful account receivable from last year amounted at $10,000 became worthless because of the bankruptcy of the client. Prepare the journal entry required on January 15 to write-off this account's balance. Date Account name Debit Credit c) On February 1", Ss5,000 of the amount previously written off was collected in cash. Prepare the journal entry for the recovery of bad debt that was previously written off, amounting to $5,000. Date Account name Debit Credit 5. Richmond & Partners, a legal firm, uses the halance sheet approach to estimate uncollectible accounts expense. At year- end an aging of accounts receivable revealed the following five groups, and Allowance for Doubtful Accounts has an existing credit balance of $3.000. Estimated uncollectible Amount Percentagdamounts Esplanation Not Yet Due 370,000 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Duc Over 90 Days Past Duc 30,000 Total 30,000 4 90,000 6 20,300 8 10 540,300 „Fill in the estimated uncollectible amount column in the table above, and prepare the necessary adjusting entry to bring the Allowance for Doubtful Accounts to the proper amount on January 10th. Date Account name DebilCredit On January 15th, the company learned that an existing doubtful account receivable from last year amounted at $10,000 became worthless because of the bankruptcy of the client. Prepare the journal entry required on January 15 to write-off this account's balance. Date Account name Debit Credit c) On February 1", Ss5,000 of the amount previously written off was collected in cash. Prepare the journal entry for the recovery of bad debt that was previously written off, amounting to $5,000. Date Account name Debit Credit

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Explanation Amount Percentage Estimated uncollectible amount... View the full answer