Umbrella.com had the following balances on December 31, 2018, before the year-end adjustments: The aging of receivables
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Umbrella.com had the following balances on December 31, 2018, before the year-end adjustments:
The aging of receivables yields these data:
Journalize Umbrella?s entry to adjust the allowance account to its correct balance on December 31, 2018.
Transcribed Image Text:
Accounts Receivable Allowance for Uncollectible Accounts 105,600 Bal 2,000 | Bal Age of Accounts 31-60 61-90 Over 90 Days 1-30 Total Days Days Receivables S66,000 $24,000 $12,000 $3,600 $105,600 x 6% x 53% Days Accounts Receivable Estimate Percentage Uncollectible . x 1% x 2%
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