Windsor Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end, and...
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Windsor Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end, and uses a single account for Allowance for Doubtful Accounts. An incomplete schedule is as follows: WINDSOR MERCHANDISING Aged Schedule of Accounts Receivable No. of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days. Amount $61,070 26,360 11,650 4,900 $103,980 Estimated % Uncollectible 0.50% 5.17% 18.00% 49.00% On December 31, the trial balance before adjustments shows the following balances: Accounts Receivable Allowance for Doubtful Accounts Debit $103,980 1,460 Credit Record the entry for bad debt expense for the current year assuming they use the table to determine the estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.76.) Windsor Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end, and uses a single account for Allowance for Doubtful Accounts. An incomplete schedule is as follows: WINDSOR MERCHANDISING Aged Schedule of Accounts Receivable No. of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days. Amount $61,070 26,360 11,650 4,900 $103,980 Estimated % Uncollectible 0.50% 5.17% 18.00% 49.00% On December 31, the trial balance before adjustments shows the following balances: Accounts Receivable Allowance for Doubtful Accounts Debit $103,980 1,460 Credit Record the entry for bad debt expense for the current year assuming they use the table to determine the estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.76.)
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Entry for bad debt expense Particulars Bad Debt Expense To Allowa... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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