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Current Attempt in Progress Canarie Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense
Current Attempt in Progress Canarie Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected information is from Canarie's partial aging schedule at the end of July: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable $791,000 373,000 103,000 71,000 $1,338,000 Estimated Percentage Uncollectible 2% 6% 11% 23% The unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,220. (a) Complete the aging schedule and calculate the total estimated uncollectible accounts from the above information. Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts $791,000 $ 0-30 days 2% 373,000 31-60 days 6% 61-90 days 103,000 11% 71,000 Over 90 days 23% Total $1,338,000 $
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