value 700 points A summary of Klugman Company\'s December 31, 2016, accounts rec

Question

value 700 points A summary of Klugman Company's December 31, 2016, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age gr Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $61,000 22,500 1.0 3,10010.0 1,100 50.0 The allowance for uncollectible accounts had a balance of $1.410 on January 1, 2016. During the year, bad debts of $760 were written off Required Prepare all journal entries for 2016 with respect to bad debts and the allowance for uncollectible accounts (If no entry is required for a transaction/event, select"No journal entry required' in the first account field.) View transaction list Journal entry worksheet

Explanation / Answer

Notes: 1 CALCULATION OF PROVISION OF BAD DEBTS FOR THE YEAR END Age Group Amount %   Expense Value 0-60 Days $                  61,000 0.5% 305 61-90 Days $                  22,500 1.00% 225 91-120 Days $                     3,100 10.0% 310 Over 120 Days $                     1,100 50.0% 550 Total for Bad Debts Provision of Expenses 1390 Notes: 2 Allowance for Doubtfull Debts (Opening Bal.) $                     1,410 Credit Add: Provision for the Allowance of Bad debts = $                     1,390 Credit Less: Write Off = $                        760 Debit Closing Balance $                     2,040 Journal Entries Date Account Title and explanation Debit Credit Allowance for Doutfull Debts $                        760 1       To Account Receivable $                           760 (To Record the write off the customer account) Bad Debt Expenses $                     1,390 2      To Allowance for Doubbtful Debts $                       1,390 (To Record the allowance for Doubtfull Debts for the year End)

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