Question 2 An aging analysis of Sheridan Company's accounts receivable at December 31, 2023 and 2024, showed

 

 

 

Question 2

 

Transcribed Image Text:

An aging analysis of Sheridan Company's accounts receivable at December 31, 2023 and 2024, showed the following: December 31 Number of Days Estimated % Outstanding Uncollectible 2024 2023 0-30 days 1% $126,000 $155,000 31-60 days 8% 31,500 77,500 61-90 days 12% 63,000 46,500 Over 90 days 35% 94,500 31,000 Total $315,000 $310,000 Additional information: 1. At December 31, 2023, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $6,100. 2. In 2024, $27,500 of accounts was written off as uncollectible and $2,700 of accounts previously written off was collected. An aging analysis of Sheridan Company's accounts receivable at December 31, 2023 and 2024, showed the following: December 31 Number of Days Estimated % Outstanding Uncollectible 2024 2023 0-30 days 1% $126,000 $155,000 31-60 days 8% 31,500 77,500 61-90 days 12% 63,000 46,500 Over 90 days 35% 94,500 31,000 Total $315,000 $310,000 Additional information: 1. At December 31, 2023, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $6,100. 2. In 2024, $27,500 of accounts was written off as uncollectible and $2,700 of accounts previously written off was collected.