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Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 Accounts receivable Percent uncollectible $590,000 $400,000 1
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 Accounts receivable Percent uncollectible $590,000 $400,000 1 to 30 31 to 60 61 to 90. $94,000 $40,000 $22,000 Over 90 $34,000 24 38 68 114 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $4,000 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 $500 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due Accounts Receivable x Percent Uncollectible (%) 1 to 30: 31 to 60: 61 to 90 Over 90 x x x x Estimated balance of allowance for uncollectibles Bea Band C
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