V. A summary of Paris Fashion\'s December 31, 2018, accounts receivable aging sc
ID: 2573479 • Letter: V
Question
V. A summary of Paris Fashion's December 31, 2018, accounts receivable aging schedule is presented below along with the estimated percent uncollectible percentage for each age group Age Group 0-60 days 61-90 days 91-120 days Over 120 days Uncollectible %, mount $40,000 15,000 2,000 1.5 15.0 80.0 800 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2018. Bad debts of $1,150 were written off during the year. Required: Prepare al 2018 journal entries with respect to bad debts and the allowance for uncollectible account.Explanation / Answer
Entry:
Workings:
Date Account title Debit Credit Allowance for uncollectible account 1150 Accounts receivable 1150 [Entry for recording accounts written off during the year] Bad debt expense 2715 Allowance for uncollectible account 2715 [Entry for recording bad debt expense for the year]Related Questions
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