Exercise 7-15 (Static) Aging of Receivables Schedule LO P3

Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class.

	Days Past Due
		0		1 to 30				31 to 60				61 to 90				Over 90
Percent uncollectible		1	%			3%				5%				8%				12%

Customer	Accounts Receivable			Days Past Due
BCC Company	$	4,000			12
Lannister Co.		1,000			0
Mike Properties		5,000			107
Ted Reeves		500			72
Jen Steffens		2,000			35

1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $100, record the required adjustment to the Allowance for Doubtful Accounts.