Limo.com had the following balances on December 31, 2013, before the year-end adjustments: The aging of receivables
Question:
Limo.com had the following balances on December 31, 2013, before the year-end adjustments:
The aging of receivables yields these data:
Journalize Limo.corn€™s entry to adjust the allowance account to its correct balance on December 31, 2013.
Transcribed Image Text:
Accounts Receivable Allowance for Doubtful Accounts 104,000 1,300 Age of Accounts 1-30 31-60 61-90 Over 90 Total Days Days Days Days Receivables Accounts Receivable.. Estimate Percentage Uncollectible $70,000 $20,000 $10,000 $4,000 $104,000 × 5% × 1% × 2% × 50%
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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