On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500....

 

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On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 860,000 344,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.20% 1.95 68,800 31 to 60 days past due 6.45 34,400 61 to 90 days past due 32.50 13,760 Over 90 days past due 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 860,000 344,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.20% 1.95 68,800 31 to 60 days past due 6.45 34,400 61 to 90 days past due 32.50 13,760 Over 90 days past due 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31.