Below is the aging of receivables schedule for Evers Industries. Aging of Receivables Schedule November 30...

Transcribed Image Text:

Below is the aging of receivables schedule for Evers Industries. Aging of Receivables Schedule November 30 Not 1-30 31-60 61-90 Over 90 Past Days Days Days Days Customer Balance Due Past Due Past Due Past Due Past Due Subtotals 590,300 348,300 129,900 53,100 29,500 29,500 Boyd Industries 17,000 17,000 Hodges Company 19,600 19,600 Kent Creek Inc. 7,500 7,500 Lockwood Company 8,600 8,600 Van Epps Company 28,100 28,100 Totals 671,100 376,400 138,500 60,600 49,100 46,500 Percentage uncollectible 1% 6% 20% 30% 45% Allowance for Doubtful Accounts 59,849 3,764 8,310 12,120 14,730 20,925 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 12,570 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 31 Bad Debt Expense Allowance for Doubtful Accounts Below is the aging of receivables schedule for Evers Industries. Aging of Receivables Schedule November 30 Not 1-30 31-60 61-90 Over 90 Past Days Days Days Days Customer Balance Due Past Due Past Due Past Due Past Due Subtotals 590,300 348,300 129,900 53,100 29,500 29,500 Boyd Industries 17,000 17,000 Hodges Company 19,600 19,600 Kent Creek Inc. 7,500 7,500 Lockwood Company 8,600 8,600 Van Epps Company 28,100 28,100 Totals 671,100 376,400 138,500 60,600 49,100 46,500 Percentage uncollectible 1% 6% 20% 30% 45% Allowance for Doubtful Accounts 59,849 3,764 8,310 12,120 14,730 20,925 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 12,570 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 31 Bad Debt Expense Allowance for Doubtful Accounts

Answer rating: 100% (QA)

Bad Debt Expense Estimated unc... View the full answer