Number of Days Outstanding 61- 91- Total 0-30 31-60 90 120 Accounts $392,000 receivable $250,000 $77,000...

   

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Number of Days Outstanding 61- 91- Total 0-30 31-60 90 120 Accounts $392,000 receivable $250,000 $77,000 $45,000 $20,000 Estimated % 2% 6% 10% 20% uncollectible The unadjusted balance in Allowance for Doubtful Accounts is a debit of $5,000. Do NOT use Dollar signs or commas in your responses. Using the above aging schedule, the estimated uncollectible accounts is Record the bad debt adjusting entry using the above information. Debit Credit " In the following year, $19,000 of the outstanding accounts receivable is determined to be uncollectible. Record the write off of the uncollectible accounts. Debit Credit " 4 The company collects $4,500 of the $19,000 of accounts receivable that were determined to be uncollectible in part (c). No further amounts are expected to be collected. Prepare the journal entry (or entries) to record the collection of this amount. Debit Credit 4 4 To record the cash collection: To record the cash collection: Debit Credit 4 At year end, the company estimates that 24,000 is not collectable. Prepare the entry to record the bad debt expense. Debit Credit 4 Number of Days Outstanding 61- 91- Total 0-30 31-60 90 120 Accounts $392,000 receivable $250,000 $77,000 $45,000 $20,000 Estimated % 2% 6% 10% 20% uncollectible The unadjusted balance in Allowance for Doubtful Accounts is a debit of $5,000. Do NOT use Dollar signs or commas in your responses. Using the above aging schedule, the estimated uncollectible accounts is Record the bad debt adjusting entry using the above information. Debit Credit " In the following year, $19,000 of the outstanding accounts receivable is determined to be uncollectible. Record the write off of the uncollectible accounts. Debit Credit " 4 The company collects $4,500 of the $19,000 of accounts receivable that were determined to be uncollectible in part (c). No further amounts are expected to be collected. Prepare the journal entry (or entries) to record the collection of this amount. Debit Credit 4 4 To record the cash collection: To record the cash collection: Debit Credit 4 At year end, the company estimates that 24,000 is not collectable. Prepare the entry to record the bad debt expense. Debit Credit 4

Answer rating: 100% (QA)

Part A Estimated Uncollectible Accounts Calculate the estimated uncollectible amount for each age gr... View the full answer