Question
Customer Name Amount Owed Receivable Age in Days ryan $200 100 selena $500 65 annie $1,000 45 chantal $1,500 5 mahor $800 20 Assume zora
Customer Name | Amount Owed | Receivable Age in Days |
ryan | $200 | 100 |
selena | $500 | 65 |
annie | $1,000 | 45 |
chantal | $1,500 | 5 |
mahor | $800 | 20 |
Assume zora has $190 in her Allowance for Doubtful Accounts and she uses the Aging-of-Accounts Receivable method to estimate uncollectible amounts. 1% of 1-30 days old receivables, 2% of 31-60 days old receivables, 5% of 61-90 days old receivables, and 50% of 90+ days old receivables are expected to be uncollectible. Prepare the appropriate journal entry/entries. On April 20, 2020, zora decides that Ryanss accounts receivable balance is uncollectible. Prepare the appropriate journal entry/entries. On May 31, 2020, Ryan is taken to court and ordered to pay half of the receivable balance owed. He pays this amount on the same day. Prepare the appropriate journal entry/entries.
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