The Klug Group provided the following analysis of its aged schedule of accounts receivable:

The allowance for uncollectible accounts had a credit balance of $ 260,400 at the beginning of the year. During the year, the company wrote off bad debts of $ 10,650. Klug€™s net credit sales were $ 2,900,550.
Required
a. Prepare all journal entries required to record the bad debt provision for the current year.
b. Repeat part (a) assuming that the allowance for uncollectible accounts had a debit beginning balance of $ 23,545.

Transcribed Image Text:

Aging Category Current 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Ending Balance $300,000 620.000 122,000 178,500 63,000 % Estimated Uncollectible 0% 12% 25% 70% 90%