Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of...
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Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Total Balance $450,000 49,500 22,500 16,200 11,700 8,600 $558,500 Estimated Uncollectible Accounts Percent 1/2 % 4 6 17 39 70 Estimated Uncollectible Accounts Amount $2,250 1,980 1,350 2,754 4,563 6,020 $18,917 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $3,405 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Bad Debt Expense ✔ Dec. 31 Allowance for Doubtful Accounts ✔ Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Total Balance $450,000 49,500 22,500 16,200 11,700 8,600 $558,500 Estimated Uncollectible Accounts Percent 1/2 % 4 6 17 39 70 Estimated Uncollectible Accounts Amount $2,250 1,980 1,350 2,754 4,563 6,020 $18,917 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $3,405 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Bad Debt Expense ✔ Dec. 31 Allowance for Doubtful Accounts ✔
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Answer Date Description Debit Credit Dec 31 DR Bad ... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1305653535
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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