World Class Work Shoes had the following balances at December 31, 2016, before the year-end adjustments: The
Question:
The aging of accounts receivable yields the following data:
Requirements
1. Journalize World Class€™s entry to record bad debts expense for 2016 using the aging-of-receivables method.
2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts.
Transcribed Image Text:
Accounts Receivable Allowance for Bad Debts 78,000 1,060 Age of Accounts Receivable 0-60 Days Over 60 Days Total Receivables Accounts Receivable Estimated percent uncollectible $73,000 x 2% 5,000 24% 78,000
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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