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Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 53,000 7% Accounts receivable Percent uncollectible
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 53,000 7% Accounts receivable Percent uncollectible Req A Total $ 655,000 Req B and C a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable 0 $ 413,000 b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,300 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,800 debit X $ 3% Percent Uncollectible Not due 413,000 x 1 to 30: 107,000x 31 to 60 53,000 x 61 to 90: 35,000 x Over 90 47.000 x Estimated balance of allowance for uncollectibles Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 1 to 30 $ 107,000 Estimated Uncollectible 3% = $ 4% = 7% 9% = 12% = $ 4% 12.390 4,280 3.710 3,150 61 to 90 $ 35,000 5,640 29, 170 Over 90 $ 47,000 12% Req B and C >
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