Presented below is an aging schedule for Hallerao Company Number of Days Past Du

Question

Presented below is an aging schedule for Hallerao Company Number of Days Past Due Not Over 90 Customer Total Yet Due 1-30 31-60 61-90 Anders Blake Coulson Deleon Others $22,100 $11,100 $11,000 40,100 $40,100 57,800 16,600 6,400 33,500 $34,800 $33,500 5,200 $285,700 $152,000 $34,600 $25,600 $34,800 $38,700 5296 132,200 95,300 17,100 14,600 Estimated Percentage Uncollectible 196 5% 14% 26% Total Estimated Bad Debts 36,006 1,520 1,730 $3,584 $9,048 $20,124 At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $13,000 (a) Journalize and post the adjusting entry for bad debts at December 31, 2017 (b) Journalize and post to the allowance account the following events and transactions in the year 2018 (1) On March 31, a $1,100 customer balance originating in 2017 is judged uncollectible (2) On May 31, a check for $1,100 is received from the customer whose account was written off as uncollectible on March 31 (c) Journalize the adjusting entry for bad debts on December 31, 2018, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $880 and the aging schedule indicates that total estimated bad debts will be $32,700.

Explanation / Answer

Solution a:

Solution b:

Solution c:

Journal Entries Event Date Particulars Debit Credit a 31-Dec-17 Bad debts expense Dr $23,006.00         To Allowance for doubtful accounts $23,006.00 (To record bad debts expense)

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