Help 5 Daley Company estimates uncollectible accounts using the allowance method

Question

Help 5 Daley Company estimates uncollectible accounts using the allowance method at December 31 It prepared the following aging of receivables analysis points Accounts receivable$570,000 8396,000 $90,000 36,000 $18,000 $30,000 Percent uncollectible is 2,5% 76 101 Hint 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 Print 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 e $100 debit. References 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. Not due 1 to 30: 31 to 60 61 to 90 Over 90 Req B and c

Explanation / Answer

Answer

Adjusted journal entry:

Periods Accounts receivable % uncollectible Bad debts Not due 396000 1% $3960 1 to 30 90000 2% $1800 31 to 60 36000 5% $1800 61 to 90 18000 7% $1260 over 90 30000 10% $3000 Total $11820

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