applies to the questions cisplayed below has credit sales of $2,300,000 for year

Question

applies to the questions cisplayed below has credit sales of $2,300,000 for year 2016 On December 31, 2016, the company's Allowance for Doubelul Accounns has an unadjusted credit balance of $17473 Jarden prepares a December 31, 2016, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible This Jarden C 1, 2016 Age of $ 460 000 84,000 36,800 18,400 3680 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 130% 205 655 3300 69.00

Explanation / Answer

Schedule :

Journal entry :

Account receivable * Percentage uncollectible = Estimated uncollectible Not due 460000 * 1.30% = 5980 1-30 days 184000 * 2.06% = 3790.40 31-60 days 36800 * 6.55% = 2410.40 61-90 days 18400 * 33.00% = 6072 Over 90 3680 * 69.00% = 2539.20 Total 20792

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