Umbrella.com had the following balances on December 31, 2012, before the year-end adjustments: The aging of receivables
Question:
Umbrella.com had the following balances on December 31, 2012, before the year-end adjustments:
The aging of receivables yields these data:
Journalize Umbrella’s entry to adjust the allowance account to its correct balance on December 31,2012.
Transcribed Image Text:
Accounts Receivable Allowance for Uncollectible Accounts Bal 105.600 Bal 2,000 Age of Accounts 1-30 31-60 61-90 Over 90 Total Days Days Days Days Receivables Accounts Receivable Estimate Percentage Uncollectible $66,000 $24,000 S12,000 $3,600 S105,600 x1% x2% ×6% ×53%
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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF Dr Cr 2012 Dec 31 ...View the full answer
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