Adjustment for Uncollectible Accounts

Below is the aging of receivables schedule for Evers Industries.

Aging-of-Receivables Schedule

November 30

Not

1-30

Past

Customer

Balance

Due

Days

Past Due

Subtotals

752,900

444.200

165,600

31-60

Davs

Past Due

67,800

61-90

Days

Past Due

37,600

Over 90

Days

Past Due

37,700

Boyd Industries

Hodges Company

Kent Creek Inc.

Lockwood Company

Van Epps Company

Totals

Percentage uncollectible

Allowance for Doubtful Accounts

18,600

17,000

5,800

12,000

29,000

29,000

835,300

473.200

1%

81,048

4,732

18.600

17.000

5.800

12,000

177.600

73,600

54 600

56.300

6%

10,656

25%

8.400

35%

50%

19.110

28,150

Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 17,020 before adjustment on July 31.

Journalize the adjusting entry for uncollectible accounts as of July 31

Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Customer Balance Subtotals 752,900 444,200 165,600 67,800 37,600 37,700 Boyd Industries 18,600 18,600 17,000 17,000 5,800 5,800 12,000 12,000 Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals Percentage uncollectible Allowance for Doubtful Accounts 29,000 29,000 835,300 473,200 177,600 73,600 54,600 56,300 1% 6% 25% 35% 50% 81,048 4,732 10,656 18,400 19,110 28,150 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 17,020 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. July 31