Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A yearend review of Accounts Receivable and estimated uncollectible percentages revealed thefollowing: Days Outstanding---Accounts Receivable--Est. Percent Uncollectible 130 days----------------- $60,000------------------------------- 2% 3160 days--------------- $45,000-------------------------------- 5%

A yearend review of Accounts Receivable and estimated uncollectible percentages revealed thefollowing:

Days Outstanding---Accounts Receivable--Est. Percent Uncollectible

130 days-----------------$60,000------------------------------- 2%

3160 days---------------$45,000--------------------------------5%

6190 days----------------$24,000-------------------------------12%

Over 90 days--------------$8,000---------------------------------52%

Before the yearend adjustment, the credit balance in Allowance for Uncollectible Accounts was $ 900. Under the agingofreceivables method, the balance in the Allowance for Uncollectible Accounts will be________ after the adjusting entry is made.

A.

$10,490

B.

$9,590

C.

$ 300

D.

$ 11,390

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell

4th Edition

1119752620, 978-1119752622

More Books

Students also viewed these Accounting questions