Question
A summary of Klugman Company's December 31, 2021, 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, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:
| Age Group | Amount | % | ||||
| 060 days | $ | 56,000 | 0.5 | |||
| 6190 days | 20,000 | 1.0 | ||||
| 91120 days | 2,600 | 10.0 | ||||
| Over 120 days | 1,200 | 50.0 | ||||
The allowance for uncollectible accounts had a balance of $1,360 on January 1, 2021. During the year, bad debts of $710 were written off. Required: Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible account
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
