Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below] Jarden Company has credit sales of $2.100,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $12,403. Jarden prepares a schedule of its accounts receivable by age. On the basis of past experience, it estimates the percent of that will become uncollectible. This information is summarized here. 31, 2017 receivables in each age category December 31, 2017 Accounts Age of Expected ReceivableAccounts Re $420,00o ceivable Percent Uncollectible 1.058 1.80 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due over 90 days past due 168,oo0 33,600 16, 800 3,360 6.30 31.75 66.00 2. Prepare the adjusting entry to record bad debts expense at December 3,207

Explanation / Answer

Adjusting entry to record bad debts expense at December 31, 2017

December 31, 2017 Accounts receivable (a) Expected percent uncollectible (b) Allowance for uncollectible (c) = (a*b) 420,000 1.05% 4,410 168,000 1.80% 3,024 33,600 6.30% 2,116.8 16,800 31.75% 5,334 3,360 66% 2,217.6 17,102.4

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