Question
Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to
Daley Company prepared the following aging of receivables analysis at December 31.
| Total | Days Past Due | |||||
| 0 | 1 to 30 | 31 to 60 | 61 to 90 | Over 90 | ||
| Accounts receivable | $ 570,000 | $ 396,000 | $ 90,000 | $ 36,000 | $ 18,000 | $ 30,000 |
| Percent uncollectible | 1% | 2% | 5% | 7% | 10% |
show 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 $12,000 credit.
c. show 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 $1,000 debit.
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Financial Accounting
Authors: Carl S Warren, James M Reeve, Jonathan Duchac
12th Edition
0538478519, 9780538478519
