90 % tful a ation for bad debts on the basis of the aging schedule. Show the i-account for the Allowance for Ba its net accounts receivable on its December 31, 2016, balance sheet. ing e wand Data table Accounts Receivable Estimated percent uncollectible Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 90,000 $ 85,000 $ 25,000 $ 35,000 0.7% 5.0% 8.0% 54.0 % Print Done - X 1, 2016. journa At December 31, 2016, the Accounts Receivable balance of CVM Manufacture is 230.000. The Alowance for Bed Des account Next question (Click the on to the aging ch Requirements 2. Show how CVM Manufacture will report is net accounts on ts December 31, 2018, ce sheet The question 20 point possible CVM Manufacture prepares the towing aging schedule t Requirement 1. Journale the year end aquating entry for bad debts on the basis of the aging schedule Show the Taccount for the Alowance for Bad Debts at December 31, 2016 Begin by determining the target balance of Alowance for Bad Debts by using the age of each account Age of Accounts 1:00 Deis 31-40 Days 61.30 Days Accounts Receivable $ 50,000 07 $85,000 $ 25,000 Over 90 Days $35.000 Total Balance Estimated percent secollectble 50% 80% 54.0% Estimated total uncollectible Journalize the year end adjusting entry for doubtful accounts on the basis of the aging schedule Record debt first, then reds Set the explanation on t Debit Date Dec 31 Accounts and Explanation Credit Show the T-account for the Allowance for Bed Detts at December 31, 2016 Allowance for Bad Debts Submit que ener 2018, the Accounts Receivable balance of CVM Manufacture is $235,000. The Alowance for Bad Debts account Next questionance CVM Manucure prepares the towing ang schedule for a (Click the icon to view the aging schedule) Requirements 1. Journalize the year end adjusting entry for bad debts on the basis of the aging schedue Show the Taccount for the Allowance to Bad Detis at December 31, 2016 2. Show how CVM Manufacture will report its net accounts receivable on its December 31, 2018, balance sheet Estimated percent unco 50% COD Estimated total uncolectie Joumalize the year-end adjusting entry for doubtful accounts on the basis of the aging schedule. (Record debts first. then credits Select the expiation on the last line of the journal entry Accounts and Explanation Date Debit Credi Dec. 31 Show the Taccount for the Allowance for Bad Debts al December 31, 2016 Allowance for Bad Debts Requirement 2. Show how CVM Manufacture will report its net accounts receivable on its December 31, 2016, balance sheet Balance Sheet (Para) Current Assens Submit c