Do S8-8

Receivable S8-8 Applying the allowance method (aging-of-receivables) to account for Learning Objective 3 uncollectibles World Class Work Shoes had the following balances at December 31, 2016, before the year-end adjustments: Accounts Receivable Allowance for Bad Debts 78,000 1,060 The aging of accounts receivable yields the following data: Age of Accounts Receivable Over 60 Days 5,000 x 24% 0-60 Days 73,000 Total Receivables $ 78,000 Accounts Receivable Estimated percent uncollectible 2% Requirements I. Journalize World Class's entry to record bad debts expense for 2016 using the 2 aging-of-receivables method. a T-account to compute the ending balance of Allowance for Bad Debts