A company has the following balances on December 31, 2024, before any year-end adjustments: Accounts Receivable...
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A company has the following balances on December 31, 2024, before any year-end adjustments: Accounts Receivable - $85.000 Allowance for Uncollectible Accounts $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Age Group Not yet due 0 to 30 days past due 31 to 90 days past due More than 90 days past due Total Receivable $ 40,000 20,000 12,000 5,000 85,000 Estimated Percent Uncollectible 34 15% 60% 80% Required: Record the adjustment for uncollectible accounts on December 31, 2024. (If no entry is required for a particular transaction/event. select "No Journal Entry Required" in the first account field.) A company has the following balances on December 31, 2024, before any year-end adjustments: Accounts Receivable - $85.000 Allowance for Uncollectible Accounts $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Age Group Not yet due 0 to 30 days past due 31 to 90 days past due More than 90 days past due Total Receivable $ 40,000 20,000 12,000 5,000 85,000 Estimated Percent Uncollectible 34 15% 60% 80% Required: Record the adjustment for uncollectible accounts on December 31, 2024. (If no entry is required for a particular transaction/event. select "No Journal Entry Required" in the first account field.)
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To record the adjustment for uncollectible accounts on December 31 2024 we need to calculate th... View the full answer
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