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Dynatech Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected
Dynatech Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected information is from Dynatech's partial aging schedule at the end of July: Number of Days Outstanding Estimated Percentage Uncollectible Accounts Receivable $807,000 321,000 0-30 days 2% 31-60 days 6% 61-90 days 123,000 11% Over 90 days 76,000 24% Total $1,327,000 The unadjusted balance in Allowance for Doubtful Accounts is a credit of $13,050. (b) Prepare the adjusting journal entry to record the bad debts using the information determined above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Would your journal entry be different if the unadjusted balance in Allowance for Doubtful Accounts were a debit of $13,050? the bad debts expense would be $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 1 used Submit
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