Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible...
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Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 605,000 0 $ 403,000 1 to 30 $ 97,000 Days Past Due 31 to 60 $ 43,000 61 to 90 $ 25,000 Over 90 2% 3% 6% 8% $ 37,000 11% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,300 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $800 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: 1 to 30: 31 to 60: 61 to 90: Accounts Receivable X Percent Uncollectible (%) Estimated Uncollectible = = X X = Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 605,000 0 $ 403,000 1 to 30 $ 97,000 Days Past Due 31 to 60 $ 43,000 61 to 90 $ 25,000 Over 90 2% 3% 6% 8% $ 37,000 11% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,300 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $800 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: 1 to 30: 31 to 60: 61 to 90: Accounts Receivable X Percent Uncollectible (%) Estimated Uncollectible = = X X =
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Lets start by completing the table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable Well use t... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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