On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden
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Question:
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age.
Accounts Receivable | Age of Accounts Receivable | Expected Percent Uncollectible |
---|---|---|
$ 820,000 | Not yet due | 1.20% |
328,000 | 1 to 30 days past due | 1.95 |
65,600 | 31 to 60 days past due | 6.45 |
32,800 | 61 to 90 days past due | 32.50 |
13,120 | Over 90 days past due | 67.00 |
2. Prepare the adjusting entry to record bad debts expense at December 31.
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