Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a

image text in transcribed
Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below Estimated Uncollectible Estimated Uncollectible Accounts Amount Age Interval Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Total Balance Accounts Percent ,-1/2 %. $4S8,000 50,400 22,900 16,500 11,900 8,700 $568,400 $2,290 1,008 18 41 65 1,374 2,970 4,879 5,655 $18,176 Assume that the allowance for doubtful accounts for Oufaw Blike Co. had a debit balance of $3,270 as of December 31. ournalize the adjusting entry for uncoillectible accounts as of December 31. Dec. 31 Check My Work more Check My Work uses remaining Net

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Text And Cases

Authors: William J. Bruns

3rd Edition

0324291213, 978-0324291216

More Books

Students also viewed these Accounting questions