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Assume that Hampton Imports decides to refine its estimate of uncollectible accounts by preparing an aging schedule. Total Estimated Uncollectible Accounts Number of Days Outstanding

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Assume that Hampton Imports decides to refine its estimate of uncollectible accounts by preparing an aging schedule. Total Estimated Uncollectible Accounts Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable $385,000 135,000 72,000 43.000 $635,000 Estimated Percentage Uncollectible 1.5% 3% 10% 25% (a) Complete the aging schedule. (6) Prepare the adjusting joumal entry at December 31 to record bad debts expense, assuming that the allowance account has an unadjusted debit balance of $2,400. (b) Prepare the adjusting journal entry at December 31 to record bad debts expense, assuming that the allowance account has an unadjusted debit balance of $2,400. Date General Journal Dr Cr

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