Umbrella.com had the following balances on December 31, 2016, before the year-end adjustments: The aging of receivables
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Umbrella.com had the following balances on December 31, 2016, 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, 2016?
Transcribed Image Text:
Accounts Receivable 105,600 Allowance for Uncollecțible Accounts 2,000 | Bal Bal 1-30 Days $66,000 $24,000 $12,000 $3,600 $105,600 Age of Accounts 61-90 Over 90 31-60 Days Days Days Receivables Total Accounts Receivable Estimate Percentage Uncollectible. . x 1% x 6% x 53% x 2%
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