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answers to all parts of the questions Ul tile direct write-off pulise Mingenback method of reporting bad debt wll record? expense? Presented below is an
answers to all parts of the questions
Ul tile direct write-off pulise Mingenback method of reporting bad debt wll record? expense? Presented below is an aging schedule for Halleran Company Worksheet.xls Page LayoutFosrulasDila Revew Vie Journalize ransacrio debts. Home Insert P18 LO 2) Number of Days Past Due Not Yet Due Customer Total XLS 4 Anders 5 Blake 6 Coulson 7 Deleon 8 Others 1-30 31-60 61-90 Over 90 T0,000 $12,000 40,000 40,000 57,000 34,000 16,000 6,000 35,000 $34,000 285,000 152,000 32,000 $26,000 3,000 $40,00 96,000 Estimated 10 Percentage Uncollectible Total Estimated _2%--6% 50% 1,920 $ 3.380 $ 8.750 $20.000 _13% 25% 11 Bad Debts 12 $ 38,610 4,560 At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000 Instructions (a) Journalize and post the adjusting entry for bad debts at December 31, 2017, (b) Journalize and post to the allowance account the following events and transactions in (a) Bac $26 the year 2018 (1) On March 31, a $1,000 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31 (c) Journalize the adjusting entry for bad debts on December 31, 2018, assuming that the (c) Ba unadjusted balance in Allowance for Doubtful Accounts is a debit of $800 and the $3 P9-4A Rigney Inc. uses the allowance method to estimate uncollectible accounts receiv. Joun relate LO 2 aging schedule indicates that total estimated bad debts will be $31,600. able. The company produced the following aging of the accounts receivable at year-end. Worksheet.xls Home 1nsert Page Layout Fore ulas Duta Revew eStep by Step Solution
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