Carmack Company has credit sales of $2 50 million for year 2015 On December 31, 2015, the companys Allowance for Doubtful Accounts has an unadjusted credit balance of $15,200 Carmack prepares a schedule of its December 31, 2015, accounts receivable by age On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible This information is summarized here December 31, 2015 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 500,000 Not yet due 1 00 200,000 1 to 30 days past due 1 75 40,000 31 to 60 days past due 6 25 20,000 61 to 90 days past due 31 50 4,000 Over 90 days past due 65 00 4 value 10 00 points Required information Required 1 Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2015, using the aging of accounts receivable method (Round your intermediate calculations and final answer to the nearest dollar amount Omit the $ sign in your response ) The following selected transactions are from Ohlde Company 2014 Dec 16 Accepted a $14,500, 60 day, 8 note dated this day in granting Todd Duke a time extension on his past due account receivable 31 Made an adjusting entry to record the accrued interest on the Duke note 2015 Feb 14 Received Dukes payment of principal and interest on the note dated December 16 Mar 2 Accepted an $7,700, 8 , 90 day note dated this day in granting a time extension on the past due account receivable from Mare Co 17 Accepted a $3,200, 30 day, 7 note dated this day in granting Jolene Halaam a time extension on her past due account receivable Apr 16 Halaam dishonored her note when presented for payment June 2 Mare Co refuses to pay the note that was due to Ohlde Co on May 31 Prepare the journal entry to charge the dishonored note plus accrued interest to Mare Co s accounts receivable July 17 Received payment from Mare Co for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8 Aug 7 Accepted an $7,250, 90 day, 12 note dated this day in granting a time extension on the past due account receivable of Birch and Byer Co Sept 3 Accepted a $2,890, 60 day, 11 note dated this day in granting Kevin York a time extension on his past due account receivable Nov 2 Received payment of principal plus interest from York for the September 3 note Nov 5 Received payment of principal plus interest from Birch and Byer for the August 7 note Dec 1 Wrote off the Jolene Halaam account against Allowance for Doubtful Accounts Required Prepare journal entries to record these transactions and events (Use 360 days a year Do not round intermediate calculations and round your final answers to the nearest dollar amount Omit the $ sign in your response ) 2014 Date General Journal Debit Credit Dec 16 (Click to select)Allowance for doubtful accountsAccounts receivable T DukeNotes receivable YorkNotes receivable Mare CoInterest receivableNotes receivable T DukeInterest revenueCash (Click to select)Notes receivable T DukeNotes receivable YorkInterest receivableInterest revenueNotes receivable Mare CoCashAllowance for doubtful accountsAccounts receivable T Duke 31 (Click to select)Accounts receivable T DukeAllowance for doubtful accountsNotes receivable Mare CoInterest revenueCashInterest receivableNotes receivable YorkAccounts receivable J Halaam (Click to select)Accounts receivable J HalaamAccounts receivable T DukeNotes receivable YorkInterest receivableAllowance for doubtful accountsNotes receivable Mare CoCashInterest revenue 2015 Date General Journal Debit Credit Feb 14 (Click to select)Allowance for doubtful accountsNotes receivable T DukeInterest revenueCashNotes receivable YorkAccounts receivable T DukeInterest receivableNotes receivable Mare Co (Click to select)Notes receivable T DukeNotes receivable YorkNotes receivable Mare CoAccounts receivable T DukeInterest receivableCashAllowance for doubtful accountsInterest revenue (Click to select)Allowance for doubtful accountsInterest revenueAccounts receivable T DukeNotes receivable YorkNotes receivable T DukeNotes receivable Mare CoCashInterest receivable (Click to select)Notes receivable T DukeInterest receivableAllowance for doubtful accountsAccounts receivable T DukeInterest revenueNotes receivable Mare CoNotes receivable YorkCash Mar 2 (Click to select)CashAllowance for doubtful accountsNotes receivable T DukeAccounts receivable T DukeAccounts receivable Mare CoInterest revenueNotes receivable Mare CoInterest receivable (Click to select)Notes receivable T DukeInterest receivableNotes receivable Mare CoAccounts receivable Mare CoCashAccounts receivable T DukeAllowance for doubtful accountsInterest revenue 17 (Click to select)Notes receivable T DukeInterest revenueAccounts receivable J HalaamAllowance for doubtful accountsAccounts receivable T DukeNotes receivable J HalaamCashInterest receivable (Click to select)CashNotes receivable J HalaamNotes receivable T DukeInterest revenueInterest receivableAccounts receivable J HalaamAllowance for doubtful accountsAccounts receivable T Duke Apr 16 (Click to select)Interest revenueAllowance for doubtful accountsAccounts receivable T DukeNotes receivable T DukeAccounts receivable J HalaamCashInterest receivableNotes receivable J Halaam (Click to select)Interest receivableNotes receivable J HalaamAccounts receivable T DukeInterest revenueCashAllowance for doubtful accountsAccounts receivable J HalaamNotes receivable T Duke (Click to select)CashNotes receivable T DukeInterest revenueNotes receivable J HalaamAccounts receivable T DukeInterest receivableAllowance for doubtful accountsAccounts receivable J Halaam June 2 (Click to select)Notes receivable Mare CoNotes receivable J HalaamCashAccounts receivable Mare CoNotes receivable YorkInterest receivableAllowance for doubtful accountsInterest revenue (Click to select)CashAllowance for doubtful accountsNotes receivable YorkNotes receivable J HalaamInterest revenueAccounts receivable Mare CoNotes receivable Mare CoInterest receivable (Click to select)Accounts receivable Mare CoInterest revenueNotes receivable Mare CoAllowance for doubtful accountsInterest receivableNotes receivable YorkCashNotes receivable J Halaam July 17 (Click to select)Accounts receivable Mare CoAccounts receivable T DukeNotes receivable Mare CoInterest receivableInterest revenueAllowance for doubtful accountsCashAccounts receivable J Halaam (Click to select)CashInterest revenueAllowance for doubtful accountsInterest receivableAccounts receivable J HalaamAccounts receivable Mare CoNotes receivable Mare CoAccounts receivable T Duke (Click to select)Interest revenueAccounts receivable T DukeAccounts receivable Mare CoCashNotes receivable Mare CoAllowance for doubtful accountsInterest receivableAccounts receivable J Halaam Aug 7 (Click to select)CashAccounts receivable Mare CoNotes receivable Birch and ByerNotes receivable Mare CoAccounts receivable Birch and ByerInterest revenueInterest receivableAllowance for doubtful accounts (Click to select)Accounts receivable Mare CoInterest receivableCashNotes receivable Mare CoNotes receivable Birch and ByerAccounts receivable Birch and ByerInterest revenueAllowance for doubtful accounts Sept 3 (Click to select)Allowance for doubtful accountsAccounts receivable T DukeInterest receivableNotes receivable YorkAccounts receivable YorkCashInterest revenueNotes receivable T Duke (Click to select)Allowance for doubtful accountsNotes receivable T DukeNotes receivable YorkAccounts receivable T DukeCashInterest revenueAccounts receivable YorkInterest receivable Nov 2 (Click to select)CashAllowance for doubtful accountsAccounts receivable T DukeInterest receivableNotes receivable T DukeInterest revenueNotes receivable Mare CoNotes receivable York (Click to select)Notes receivable YorkInterest revenueInterest receivableAccounts receivable T DukeAllowance for doubtful accountsCashNotes receivable Mare CoNotes receivable T Duke (Click to select)Notes receivable YorkCashInterest receivableNotes receivable Mare CoAccounts receivable T DukeInterest revenueAllowance for doubtful accountsNotes receivable T Duke 5 (Click to select)Accounts receivable Mare CoAllowance for doubtful accountsAccounts receivable Birch and ByerInterest revenueNotes receivable Birch and ByerInterest receivableNotes receivable T DukeCash (Click to select)Allowance for doubtful accountsNotes receivable Birch and ByerInterest receivableCashNotes receivable T DukeAccounts receivable Birch and ByerInterest revenueAccounts receivable Mare Co (Click to select)Accounts receivable Birch and ByerCashNotes receivable T DukeInterest revenueInterest receivableAccounts receivable Mare CoAllowance for doubtful accountsNotes receivable Birch and Byer Dec 1 (Click to select)CashNotes receivable YorkAllowance for doubtful accountsInterest receivableAccounts receivable J HalaamNotes receivable Mare CoAccounts receivable T DukeInterest revenue (Click to select)Notes receivable YorkInterest revenueNotes receivable Mare CoAccounts receivable J HalaamInterest receivableAllowance for doubtful accountsAccounts receivable T DukeCash Required balance $ References Worksheet Difficulty MediumLearning Objective 09 P2 Apply the allowance method and estimate uncollectibles based on sales and accounts receivable Ask your instructor a questionCheck my work 5 value 10 00 points Required information 2 Prepare the adjusting entry to record bad debts expense at December 31, 2015 (Round your intermediate calculations and final answers to the nearest dollar amount Omit the $ sign in your response ) Date General Journal Debit Credit Dec 31 (Click to select)Sales revenueAccounts payableCashWages expenseAllowance for doubtful accountsSalesAccounts receivableBad debts expense (Click to select)Sales revenueSalesAccounts receivableWages expenseCashAccounts payableAllowance for doubtful accountsBad debts expense

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Carmack Company has credit sales of $2.50 million for year 2015. On December 31, 2015, the companys Allowance for Doubtful Accounts has an unadjusted credit

Carmack Company has credit sales of $2.50 million for year 2015. On December 31, 2015, the companys Allowance for Doubtful Accounts has an unadjusted credit balance of $15,200. Carmack prepares a schedule of its December 31, 2015, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here.

December 31, 2015 Accounts Receivable		Age of Accounts Receivable	Expected Percent Uncollectible
$	500,000	Not yet due	1.00	%
	200,000	1 to 30 days past due	1.75
	40,000	31 to 60 days past due	6.25
	20,000	61 to 90 days past due	31.50
	4,000	Over 90 days past due	65.00

value: 10.00 points

Required information

Required:

Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2015, using the aging of accounts receivable method. (Round your intermediate calculations and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

The following selected transactions are from Ohlde Company:

2014

Dec.	16	Accepted a $14,500, 60-day, 8% note dated this day in granting Todd Duke a time extension on his past-due account receivable.
	31	Made an adjusting entry to record the accrued interest on the Duke note.

2015

Feb.	14	Received Dukes payment of principal and interest on the note dated December 16.
Mar.	2	Accepted an $7,700, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Mare Co.
	17	Accepted a $3,200, 30-day, 7% note dated this day in granting Jolene Halaam a time extension on her past-due account receivable.
Apr.	16	Halaam dishonored her note when presented for payment.
June	2	Mare Co. refuses to pay the note that was due to Ohlde Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Mare Co.s accounts receivable.
July	17	Received payment from Mare Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%.
Aug.	7	Accepted an $7,250, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Birch and Byer Co.
Sept.	3	Accepted a $2,890, 60-day, 11% note dated this day in granting Kevin York a time extension on his past-due account receivable.
Nov.	2	Received payment of principal plus interest from York for the September 3 note.
Nov.	5	Received payment of principal plus interest from Birch and Byer for the August 7 note.
Dec.	1	Wrote off the Jolene Halaam account against Allowance for Doubtful Accounts.

Required:

Prepare journal entries to record these transactions and events. (Use 360 days a year. Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

2014

Date		General Journal	Debit	Credit
Dec.	16	(Click to select)Allowance for doubtful accountsAccounts receivable-T. DukeNotes receivable-YorkNotes receivable-Mare CoInterest receivableNotes receivable-T. DukeInterest revenueCash
		(Click to select)Notes receivable-T. DukeNotes receivable-YorkInterest receivableInterest revenueNotes receivable-Mare CoCashAllowance for doubtful accountsAccounts receivable-T. Duke

	31	(Click to select)Accounts receivable-T. DukeAllowance for doubtful accountsNotes receivable-Mare CoInterest revenueCashInterest receivableNotes receivable-YorkAccounts receivable-J. Halaam
		(Click to select)Accounts receivable-J. HalaamAccounts receivable-T. DukeNotes receivable-YorkInterest receivableAllowance for doubtful accountsNotes receivable-Mare CoCashInterest revenue

2015

Date		General Journal	Debit	Credit
Feb.	14	(Click to select)Allowance for doubtful accountsNotes receivable-T. DukeInterest revenueCashNotes receivable-YorkAccounts receivable-T. DukeInterest receivableNotes receivable-Mare Co
		(Click to select)Notes receivable-T. DukeNotes receivable-YorkNotes receivable-Mare CoAccounts receivable-T. DukeInterest receivableCashAllowance for doubtful accountsInterest revenue
		(Click to select)Allowance for doubtful accountsInterest revenueAccounts receivable-T. DukeNotes receivable-YorkNotes receivable-T. DukeNotes receivable-Mare CoCashInterest receivable
		(Click to select)Notes receivable-T. DukeInterest receivableAllowance for doubtful accountsAccounts receivable-T. DukeInterest revenueNotes receivable-Mare CoNotes receivable-YorkCash

Mar.	2	(Click to select)CashAllowance for doubtful accountsNotes receivable-T. DukeAccounts receivable-T. DukeAccounts receivable-Mare CoInterest revenueNotes receivable-Mare CoInterest receivable
		(Click to select)Notes receivable-T. DukeInterest receivableNotes receivable-Mare CoAccounts receivable-Mare CoCashAccounts receivable-T. DukeAllowance for doubtful accountsInterest revenue

	17	(Click to select)Notes receivable-T. DukeInterest revenueAccounts receivable-J. HalaamAllowance for doubtful accountsAccounts receivable-T. DukeNotes receivable-J. HalaamCashInterest receivable
		(Click to select)CashNotes receivable-J. HalaamNotes receivable-T. DukeInterest revenueInterest receivableAccounts receivable-J. HalaamAllowance for doubtful accountsAccounts receivable-T. Duke

Apr.	16	(Click to select)Interest revenueAllowance for doubtful accountsAccounts receivable-T. DukeNotes receivable-T. DukeAccounts receivable-J. HalaamCashInterest receivableNotes receivable-J. Halaam
		(Click to select)Interest receivableNotes receivable-J. HalaamAccounts receivable-T. DukeInterest revenueCashAllowance for doubtful accountsAccounts receivable-J. HalaamNotes receivable-T. Duke
		(Click to select)CashNotes receivable-T. DukeInterest revenueNotes receivable-J. HalaamAccounts receivable-T. DukeInterest receivableAllowance for doubtful accountsAccounts receivable-J. Halaam

June	2	(Click to select)Notes receivable-Mare CoNotes receivable-J. HalaamCashAccounts receivable-Mare CoNotes receivable-YorkInterest receivableAllowance for doubtful accountsInterest revenue
		(Click to select)CashAllowance for doubtful accountsNotes receivable-YorkNotes receivable-J. HalaamInterest revenueAccounts receivable-Mare CoNotes receivable-Mare CoInterest receivable
		(Click to select)Accounts receivable-Mare CoInterest revenueNotes receivable-Mare CoAllowance for doubtful accountsInterest receivableNotes receivable-YorkCashNotes receivable-J. Halaam

July	17	(Click to select)Accounts receivable-Mare CoAccounts receivable-T. DukeNotes receivable-Mare CoInterest receivableInterest revenueAllowance for doubtful accountsCashAccounts receivable-J. Halaam
		(Click to select)CashInterest revenueAllowance for doubtful accountsInterest receivableAccounts receivable-J. HalaamAccounts receivable-Mare CoNotes receivable-Mare CoAccounts receivable-T. Duke
		(Click to select)Interest revenueAccounts receivable-T. DukeAccounts receivable-Mare CoCashNotes receivable-Mare CoAllowance for doubtful accountsInterest receivableAccounts receivable-J. Halaam

Aug.	7	(Click to select)CashAccounts receivable-Mare CoNotes receivable-Birch and ByerNotes receivable-Mare CoAccounts receivable-Birch and ByerInterest revenueInterest receivableAllowance for doubtful accounts
		(Click to select)Accounts receivable-Mare CoInterest receivableCashNotes receivable-Mare CoNotes receivable-Birch and ByerAccounts receivable-Birch and ByerInterest revenueAllowance for doubtful accounts

Sept.	3	(Click to select)Allowance for doubtful accountsAccounts receivable-T. DukeInterest receivableNotes receivable-YorkAccounts receivable-YorkCashInterest revenueNotes receivable-T. Duke
		(Click to select)Allowance for doubtful accountsNotes receivable-T. DukeNotes receivable-YorkAccounts receivable-T. DukeCashInterest revenueAccounts receivable-YorkInterest receivable

Nov.	2	(Click to select)CashAllowance for doubtful accountsAccounts receivable-T. DukeInterest receivableNotes receivable-T. DukeInterest revenueNotes receivable-Mare CoNotes receivable-York
		(Click to select)Notes receivable-YorkInterest revenueInterest receivableAccounts receivable-T. DukeAllowance for doubtful accountsCashNotes receivable-Mare CoNotes receivable-T. Duke
		(Click to select)Notes receivable-YorkCashInterest receivableNotes receivable-Mare CoAccounts receivable-T. DukeInterest revenueAllowance for doubtful accountsNotes receivable-T. Duke

	5	(Click to select)Accounts receivable-Mare CoAllowance for doubtful accountsAccounts receivable-Birch and ByerInterest revenueNotes receivable-Birch and ByerInterest receivableNotes receivable-T. DukeCash
		(Click to select)Allowance for doubtful accountsNotes receivable-Birch and ByerInterest receivableCashNotes receivable-T. DukeAccounts receivable-Birch and ByerInterest revenueAccounts receivable-Mare Co
		(Click to select)Accounts receivable-Birch and ByerCashNotes receivable-T. DukeInterest revenueInterest receivableAccounts receivable-Mare CoAllowance for doubtful accountsNotes receivable-Birch and Byer

Dec.	1	(Click to select)CashNotes receivable-YorkAllowance for doubtful accountsInterest receivableAccounts receivable-J. HalaamNotes receivable-Mare CoAccounts receivable-T. DukeInterest revenue
		(Click to select)Notes receivable-YorkInterest revenueNotes receivable-Mare CoAccounts receivable-J. HalaamInterest receivableAllowance for doubtful accountsAccounts receivable-T. DukeCash

Required balance

References

WorksheetDifficulty: MediumLearning Objective: 09-P2 Apply the allowance method and estimate uncollectibles based on sales and accounts receivable.

Ask your instructor a questionCheck my work

value: 10.00 points

Required information

2.	Prepare the adjusting entry to record bad debts expense at December 31, 2015. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Date	General Journal	Debit	Credit
Dec. 31	(Click to select)Sales revenueAccounts payableCashWages expenseAllowance for doubtful accountsSalesAccounts receivableBad debts expense
	(Click to select)Sales revenueSalesAccounts receivableWages expenseCashAccounts payableAllowance for doubtful accountsBad debts expense