10 of 41 (8 complete) This Test Cypress Co. has given you the following informat

Question

10 of 41 (8 complete) This Test Cypress Co. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal he estimated uncollectible accounts. Current 31-60 days 61-90 days 91 and up $30,000 5,600 2.300 1,000 3% uncollectible 7% uncollectible 15% uncollectible 19% uncollectible The current balance in Allowance for Doubtful Accounts is a $140 debit ? A. $1,687 OB, $1.967 OC. $1.827 O D. $90,000 Click to select your ansver 9 Ch here to search

Explanation / Answer

ANSWER = B) $ 1967

The current balance in allowance for doubtful accounts is a $140 debit

The amount of the journal entry to record the estimated uncollectible accounts = 1827 + 140

= $ 1967

Current 30000 3% Uncollectible 900 [30000 * 0.03] 31-60 Days 5600 7% Uncollectible 392 [5600 * 0.07] 61- 90 Days 2300 15% Uncollectible 345 [ 2300 * 0.15] 91 and up 1000 19% Uncollectible 190 [ 1000 * 0.19] 1827

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