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Current Attempt in Progress Vermillion Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records credit losses
Current Attempt in Progress Vermillion Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records credit losses monthly. The following selected information is from Vermillion's partial aging schedule at the end of March: Number of Days Outstanding Uncollectible Accounts Receivable Estimated Percentage 0-30 days $680,000 3% 31-60 days 397,000 5% 61-90 days 95,000 10% Over 90 days 86,000 20% Total $1,258,000 The unadjusted balance in Allowance for Expected Credit Losses is a credit of $10,660. Complete the aging schedule and calculate the total estimated uncollectible accounts from the above information. Number of Days Outstanding Estimated Percentage Uncollectible Accounts Receivable $680,000 0-30 days 3% 397,000 31-60 days 5% +A $ Estimated Uncollectible Accounts 95,000 61-90 days 10% 86,000 Over 90 days 20% Total $1,258,000 $
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