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Accounts Receivable At the yearend December 31st, 2024, Jump Corporation prepared the following aged accounts receivable balances: Period Outstanding Current (0-30 days) 31-60 days
Accounts Receivable At the yearend December 31st, 2024, Jump Corporation prepared the following aged accounts receivable balances: Period Outstanding Current (0-30 days) 31-60 days 61-90 days 90+ days Total Estimated Balance uncollectible $255,000 2% 350,000 5% 75,000 10% 52,000 20% $732,000 (a) Calculate the estimated uncollectible at December 31, 2024. (b) At the yearend December 31, 2024, the Allowance for Doubtful Accounts (AFDA) balance per the general ledger was a $9,500 credit. Prepare the adjusting journal entry to record the bad debt expense at yearend (c) During the subsequent year (2025), Jump Corp wrote off uncollectible accounts receivable of $5,500. Prepare the entry to record the write-off. (d) During the year (2025) a $5,700 account receivable, that was previously written off, was later recovered. Prepare the entry(ies) to record the recovery
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