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A summary of Klugman Company's December 31, 2018, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:
A summary of Klugman Company's December 31, 2018, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:
Age Group | Amount | % | ||||
060 days | $ | 54,000 | .5 | |||
6190 days | 19,000 | 1.0 | ||||
91120 days | 2,400 | 10.0 | ||||
Over 120 days | 1,100 | 50.0 | ||||
The allowance for uncollectible accounts had a balance of $1,340 on January 1, 2018. During the year, bad debts of $690 were written off. Required: Prepare all journal entries for 2018 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.)
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