Question
At January 1, 2024, John's, Inc. reported an allowance for doubtful accounts with a $26,000 credit balance. During 2024, John wrote-off as uncollectible accounts receivable
At January 1, 2024, John's, Inc. reported an allowance for doubtful accounts with a $26,000 credit balance. During 2024, John wrote-off as uncollectible accounts receivable totaling $37,000. At December 31, 2024, John prepared the aging schedule below: Accounts Receivable % Uncollectible not past due $227,000 1% 1-39 days past due $163,000 7% 40-79 days past due $102,000 11% 80-119 days past due $ 83,000 22% over 119 days past due $ 36,000 48% Based on the above aging schedule, John's bad debt expense for 2024 was estimated to be $59,000. Calculate the amount of recoveries recorded John's, Inc. during 2024.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started