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Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Accounts receivable Percent uncollectible Total $570,000 $396,000 1% 1 to 30 $90, eee 2% 31 to 60 $36,800 5% 61 to 90 $18,000 7% Over 90 $30,000 10% o. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts recelvable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C to search O BI BD 8 blems Saved a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit. Complete this question by entering your answers in the tabs below. Reg A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles answers in the tabs below. ubtful Accounts assuming the company uses 4.5 of receivables method. dc > R oo to search ORI Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,000 credit balance. Note: Enter debits before credits. General Journal Date Dec 31 Debit Credit Record entry Clear entry View general Journal re to search OO ! Required information Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,000 debit balance. Note: Enter debits before credits. es Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal bits before credits. General Journal Accounts payable Accounts receivable Allowance for doubtful accounts Bad debts expense cord er 8 BI Bi
