HRMA 2340: Chapter 12 TLAB Name: Determine the total estimated uncollectibles ba

Question

HRMA 2340: Chapter 12 TLAB Name: Determine the total estimated uncollectibles based on the following information for April 30: Month of Sale January Balance as of May 30 $3,500 $7,000 S12,500 $14,000 S17,000 $54,000 February March April May Total Accounts Receivable I 1-30 days 31-60 days4 61-90 days 1.0 4.5 40 50 90 days+ THINK LIKE A BOSS: Why do you need to teke into consideration the balance of the allowance account when using the percent of reeivable method to allow for the bad debt expense?

Explanation / Answer

Accounts receivable % uncollectible Uncollectible amount 1-30 days 17000 1% 170 31-60 days 14000 4.50% 630 61- 90 days   12500 40% 5000 Over 90 days 10500 50% 5250 Estimated balance of allowance for uncollectible 54000 11050

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