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Accounting question please help!! Question 47 Wilcihurse Company uses the allowance method to estimate un collectible accuunts receivable. The uradjusted balance in Allowance for Duubtful
Accounting question please help!!
Question 47 Wilcihurse Company uses the allowance method to estimate un collectible accuunts receivable. The uradjusted balance in Allowance for Duubtful Accounts is a debit of $1,000. The company produced the following information from aging its accounts receivable at year and. Complete the aging schedule and calculate the total estimated unco actible accounts. 0-30 Total S670.000 Number of Days Outstanding 31-60 61-90 $160.000 $120.000 10% 91-120 $30,000 $360,000 Accounts receivable Estimated % uncollectible Estimated uncollectible accounts Record the bad debt adjusting entry using the information determined in part (a). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Axmant Titles and Explanation Debit Credit To record estimate at uncallcctible accounts.) in the following year, $18,000 of the outstanding accounts receivable is determined to be uncollectible. Record the write aff of the uncollectible socounts. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To record writeoll of accounts receivable.) The company collects $4,000 of the $18,000 of accounts that was determined to be uncollectible in part (e). The company also expects to collect an additional $1,000. Record the journal entry (or entries) to restore the accounts receivable and the cash colded. Collection of the $1,non is expected in the near future. (Credit account ttles are automatically Indented when the amount is onteved. Do not indent manually. If no entry is required, select "No Entry" for the account ttles and enter for the amounts.) Account Titles and Explanation Debit Credit (Ta reverse write off.) (To record collection of previously written off account.)Step by Step Solution
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