Exercise 8-4 (Part Level Submission) Beca Ltd. has an Accounts Receivable amount

Question

Exercise 8-4 (Part Level Submission) Beca Ltd. has an Accounts Receivable amount of $385,900 and an unadjusted credit balance in Allowance for Doubtful Accounts of $8,900 at March 31. The company's accounts receivable and percentage estimates of its uncollectible accounts are as follows: Number of Days Outstanding 0-30 31-60 61-90 Over 90 Total Accounts Estimated Percentage Receivable $272,000 55,300 35,600 23,000 $385,900 Uncollectible 2% 10% 30% 50% Your answer is correct. Prepare an aging schedule to determine the total estimated uncollectibles at March 31 Age of Accounts Amount % Estimated Uncollectible 0-30 days 31-60 days 61-90 days Over 90 days 5440 $272,000 2% 55,300 10% 35,600 30% 23,000 50% 5530 10680 11500 33150 SHOW LIST OF ACCOUNTS LINK TO TEXT

Explanation / Answer

Answer:

Journal Entry

Bad debts Expenses A/c Dr                            $33150

            To Allowances for Doubtful Accounts A/c                $33150

Explanation: Total estimated uncollectible amount will be transferred to allowances for doun=btful account.

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