Daley Company has prepared the following aging analysis of accounts receivable as of December 31. days past
Fantastic news! We've Found the answer you've been seeking!
Question:
Daley Company has prepared the following aging analysis of accounts receivable as of December 31.
days past due | |||||||||||||||||||||||
Total | 0 | 1 a 30 | 31 a 60 | 61 a 90 | more than 90 | ||||||||||||||||||
accounts receivable | ps | 595,000 | ps | 401,000 | ps | 95,000 | ps | 41,000 | ps | 23,000 | ps | 35,000 | |||||||||||
uncollectible percentage | 3 | % | 4 | % | 7 | % | 9 | % | 12 | % | |||||||||||||
to. Complete the following table to calculate the estimated balance of the Allowance for doubtful accounts using the aging of accounts receivable.
b. Prepare the adjusting entry to record the Bad Debt Expense using the calculation in part a . Assume that the unadjusted balance in the Allowance for Doubtful Accounts is a credit of $4,100.
C. Prepare the adjusting entry to record bad debt expense using the estimate from part a . Assume that the unadjusted balance in the Allowance for Doubtful Accounts is a debit of $600.
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date: