Each member of a team is to participate in estimating uncollectibles using the aging schedule and percents shown in Problem 7-4A. The division of labor is up to the team. Your goal is to accurately complete this task as soon as possible. After estimating uncollectibles, check your estimate with the instructor. If the estimate is correct, the team then should prepare the adjusting entry and the presentation of accounts receivable (net) for the December 31, 2013, balance sheet.
In Problem 7-4A
Jarden Company has credit sales of $3.6 million for year 2013. On December 31, 2013, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31, 2013, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here.

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Ele Edit vew Insert Format Ioks Data accounting Vindow Heb Σ 4 4 3 100% - 3 Arial 10 Expected Percent Uncollectible December 31, 2013 Accounts Receivable Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 1.25% $830,000 254,000 2.00 6.50 86,000 32.75 38,000 12,000 7. 68.00 HDE Sheet1 Shet Sheet/