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A partially completed aging of receivables schedule for Lindy Designs is shown below. a. Complete the schedule and determine the total estimate of uncollectible accounts.
A partially completed aging of receivables schedule for Lindy Designs is shown below. a. Complete the schedule and determine the total estimate of uncollectible accounts. Round your answers to two decimal places. Estimated Uncollectible Accounts Age Interval Balance Percentage Amount Not past due $550,000 2.50% 1-30 days past due 96,500 4.00 31-60 days past due 43,750 9.50 61-90 days past due 22,250 16.00 91-180 days past due 5,600 31.00 181-365 days past due 3,100 60.00 Over 365 days past due 1,250 95.00 $722,450 Total b. If Allowance for Doubtful Accounts has an unadjusted credit balance of $9,700, record the adjusting entry for bad debt expense for the year. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts c. If Allowance for Doubtful Accounts has an unadjusted debit balance of $9,700, record the adjusting entry for bad debt expense for the year. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts
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