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Current Attempt in Progress Laura.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at
Current Attempt in Progress Laura.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end. (a) Calculate the total estimated bad debts based on the below information. Numb Total 0-30 31-60 Accounts receivable) $455,000 $283.000 $90,000 uncollectible Estimated bad debts $ eTextbook and Media 1% (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $3,700 debit. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Seve for Late Debit Credit Attempts: 0 of 15 used Str (c) Of the above accounts, $5,400 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 15 used Submit Answer (d) The company collects $5,400 subsequently on a specific account that had previously been determined to be uncollectible in part (c). Prepare the journal entries necessary to (1) restore the account and (2) record the cash collection. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation 1. Debit Credit eTextbook and Media List of Accounts Attempts: 0 of 15 used Ser
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