gnment Help Save&E; Daley Company estimates uncollectible accounts using the all

Question

gnment Help Save&E; Daley Company estimates uncollectible accounts using the allowance method at December 31 It prepared the following aging of recevables analysis. s Past Total 1 to 3e 31 to 68 61 to 9 Ovee 98 Accounts receivable $578,888 $396,800 $90,800 $36,00 $18,008 $30,600 Percent uncollectible 1% 2% 5% 18% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a Assume the unadjus Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a Assume the unadjusted Allowance for Doubtful Accounts is a $100 debit. Complete this question by entering your answers in the tabs below. Reg AReq 8 and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts ? Prev 5 of 12 Next> Oo

Explanation / Answer

Part a)

The completed table is provided as below:

____

Part b)

The journal entry is given as follows:

____

Part c)

The journal entry is prepared as follows:

Accounts Receivable Percent Uncollectible (%) Not Due 396,000 X 1% = 3,960 1 to 30 90,000 X 2% = 1,800 31 to 60 36,000 X 5% = 1,800 61 to 90 18,000 X 7% = 1,260 Over 90 30,000 X 10% = 3,000 Estimated Balance of Allowance for Uncollectibles $11,820 Credit

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