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a. The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. If required, round your
a. The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. If required, round your answers to two decimal places.
Est Uncollectible Accts | |||
Age Interval: | Balance: | Percentage: | Amount: |
Not past due | 850,000 | 3.50% | ? |
1~30 days past due: | 47,500 | 5.00% | ? |
31~60 days past due: | 21,750 | 10.00% | ? |
61~90 days past due: | 11,250 | 20.00% | ? |
91~180 days past due: | 5,065 | 30.00% | ? |
181~365 days past due: | 2,500 | 50.00% | ? |
Over 365 days past due: | 1,145 | 95.00% | ? |
Total: b. If the Allowance for Doubtful Accounts has a credit balance of $1,135.00, record the adjusting entry for the bad debt expense for the year. Round your answers to two decimal places. | 939,210 | ? |
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