HELP please Daley Company estimates uncollectible accounts using the allowance m

Question

HELP please

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 1 to 30 31 to 60 61 to 90 Over 90 $570,000 $396, 000 $90,000 $36, 000 $18,000 $30,00G 0 Accounts receivable Percent uncollectible 1% 2% 5% 7% 10% 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 unadjusted balance in the 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 balance in the Allowance for Doubtful Accounts is a $100 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.

Explanation / Answer

Date

a 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 11820 credit b

Date

General Journal Debit Credit 31-Dec Bad debts expense 8,220 =11820-3600 Allowance for doubtful accounts 8,220 31-Dec Bad debts expense 11,920 =11820+100 Allowance for doubtful accounts 11,920

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