Limo.com had the following balances on December 31, 2015, before the year-end adjustments: The aging of receivables

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Limo.com had the following balances on December 31, 2015, before the year-end adjustments:

The aging of receivables yields these data:

Journalize Limo.com's entry to adjust the allowance account to its correct balance on December 31, 2015.

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Financial Accounting

ISBN: 978-0133375534

2nd Canadian edition

Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad

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Question Posted: Feb 12, 2018 10:34 AM

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Limo.com had the following balances on December 31, 2015, before the year-end adjustments: The aging of receivables

Question:

Accounts Receivable Allowance for Doubtful Accounts 104,000 1,300 Age of Accounts 31-60 61-90 Over 90 Total 1-30 Days S70,000 $20,000 $10,000 $4,000 $104,000 Days Receivables Days Days Accounts Receivable . Estimate Percentage Uncollectible. x 1% x 2% x 5% x 50%

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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF DR CR 2015 Dec ...View the full answer

Financial Accounting

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