An aging analysis of Reiko Limited's accounts receivable at December 31, 2018 and 2017, showed the following:

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An aging analysis of Reiko Limited's accounts receivable at December 31, 2018 and 2017, showed the following:

An aging analysis of Reiko Limited's accounts receivable at December

Additional information:
1. At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $3,000.
2. In 2018, $28,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were recovered.
Instructions
(a) Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2017 and 2018. Note that the estimated percentages uncollectible are the same for both years. Comment on the results.
(b) Record the adjusting entry relating to bad debts on December 31, 2017.
(c) Record the write off of uncollectible accounts in 2018.
(d) Prepare the adjusting entry relating to bad debts on December 31, 2018.
(e) Calculate the carrying amount of Reiko's accounts receivable at December 31, 2017 and 2018.

Aging Schedule
Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...
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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119368458

7th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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