Journalize entries to record transactions related to bad debts Presented below is an aging schedule for...

 

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Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Loucks Company Customer Alma Browne Conlon Dalton Others Estimated Percentage Uncollectible Total Estimated Bad Debts Total Not yet due $30,000 45,000 75,000 57,000 189,000 $396,000 $45,000 22,500 $47,970 138,000 $205,500 2% $4,110 1-30 $13,500 7,500 22,500 $43,500 6% Number of Days Past Due 31-60 61-90 $16,500 19,500 $36,000 10% 45,000 $45,000 25% Over 90 $57,000 9,000 $66,000 $2,610 $3,600 $11,250 At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000. Instructions: (a) Journalize and post the adjusting entry for bad debts at December 31, 2014. (b) Journalize and post to the allowance account the following events and transactions in the year 2015. 40% $26,400 Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Loucks Company Customer Alma Browne Conlon Dalton Others Estimated Percentage Uncollectible Total Estimated Bad Debts Total Not yet due $30,000 45,000 75,000 57,000 189,000 $396,000 $45,000 22,500 $47,970 138,000 $205,500 2% $4,110 1-30 $13,500 7,500 22,500 $43,500 6% Number of Days Past Due 31-60 61-90 $16,500 19,500 $36,000 10% 45,000 $45,000 25% Over 90 $57,000 9,000 $66,000 $2,610 $3,600 $11,250 At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000. Instructions: (a) Journalize and post the adjusting entry for bad debts at December 31, 2014. (b) Journalize and post to the allowance account the following events and transactions in the year 2015. 40% $26,400

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a Journalize and post the adjusting entry for bad d... View the full answer