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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
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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