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Colton & Co. estimates uncollectible accounts using the aging of accounts receivables method. The accounts receivables and due dates as of the last day of

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Colton & Co. estimates uncollectible accounts using the aging of accounts receivables method. The
accounts receivables and due dates as of the last day of the period, March 31, are:
Strome
Feb 18
$2,790
DeBrincat
April 16
2.132
Hagle
Mar 10
2,786
Kane
Apr 20
3,610
Kubalik
Apr 9
3.718
Nylander
Apr 14
3,188
Keith
Jan 5
669
Delia
Mar 12
1,588
Teravainen
Feb 12
3,589 image text in transcribed
Colton & Co. estimates uncollectible accounts using the aging of accounts receivables method. The accounts receivables and due dates as of the last day of the period, March 31, are: Strome Feb 18 $2,790 DeBrincat April 16 2,132 Hagle Mar 10 2,786 Kane Apr 20 3,610 Kubalik Apr 9 3,718 Nylander Apr 14 3,188 Keith Jan 5 669 Delia Mar 12 1,588 Teravainen Feb 12 3,589 Colliton estimates 1% of accounts receivable not yet due won't be collected; 2% of accounts receivable 1 -30 days overdue won't be collected; 5% of accounts receivable 31 - 60 days overdue won't be - collected; and 35% of accounts receivable over 60 days overdue won't be collected. Prepare an aging schedule: Customer Not Yet Due 1-30 days unpaid 31-60 days unpaid Over 60 days unpaid Strome DeBrincat Hagle Kane Kubalik Nylander Keith Delia Teravainen Total % uncollectible Uncollectible accounts Prepare the adjusting entry to record bad debts expense at March 31. The Allowance for Doutful accounts has an unadjusted debit balance of $200. General Journal Page 37 Debit Credit Date Description

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