Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Adjustment for uncollectible accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Over 90 31-60 61-90 Not 1-30 Days
Adjustment for uncollectible accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Over 90 31-60 61-90 Not 1-30 Days Past Days Past Days Past Days Past Past Due Customer Balance Due Due Due Due Subtotals 736,700 434,700 162,100 66,300 36,800 36,800 17,800 Boyd Industries Hodges Company Kent Creek Inc. 17,800 19,600 6,500 19,600 6,500 Lockwood Company 10,700 10,700 23,500 23,500 Van Epps Company Totals 814,800 458,200 172,800 72,800 56,400 54,600 Percentage uncollectible 1% 5% 20% 30% 45% Allowance for Doubtful Accounts 69,272 4,582 8,640 14,560 16,920 24,570 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 14,545 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started