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An aging analysis of Runner Limited's accounts receivable at December 31, 2018 and 2017, showed the following: Accounts Receivable Number of Days Outstanding Estimated Percentage
An aging analysis of Runner Limited's accounts receivable at December 31, 2018 and 2017, showed the following: Accounts Receivable Number of Days Outstanding Estimated Percentage Uncollectible 2018 2017 0-30 days $297,600 $321,500 3% 31-60 days 63,600 114.900 6% 61-90 days 86,600 76,300 12% Over 90 days 131,200 49,800 24% Total $579,000 $562,500 Additional information: 1. At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $9,800. 2. In 2018, $42,400 of accounts were written off as uncollectible and $3,300 of accounts previously written off were recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2017 and 2018 Note that the estimated percentages uncollectible are the same for both years Total estimated allowance balance at Dec 31, 2017: , Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts 0-30 days 5321500 3 5 000 31-60 days 114.900 61-90 days 76,300 12% 9130 Over 90 days 49.800 24% 12000 Total $562.500 27560 Total estimated allowance balance at Dec 31, 2018 : Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts Total estimated allowance balance at Dec 31, 2018: Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts 0-30 days $297 600 9000 3% $ 38.00 31-60 days 63.600 6% 86,600 61-90 days 12% 10320 Over 90 days 131.200 245 31200 Total $579.000 Record the adjusting entry relating to bad debts on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Bad Debts Expense 28560 Allowance for Doubtful Accounts 28560
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