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Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging

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Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total $640,000 $410,000 1 to 30 $184,000 31 to 60 $50,000 61 to 90 $32,000 Over 90 $44,000 Accounts receivable Percent uncollectible a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. 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 $5,000 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 $1,500 debit. Complete this question by entering your answers Rega Rea B and C btful Accounts using the aging of accounts Complete the below table to calculate the estim receivable method. Accounts Parcent 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 the aging of accounts receivable method. Accounts Recevable Uncollectible (%) Not due 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles Req B and 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 $5,000 credit. 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 $1,500 debit. Show less View transaction list Journal entry worksheet ces Record estimated bad debts assuming that allowance for Doubtful Accounts has a $5,000 credit balance Note: Enter debits before credits General Journal Debit Credit Date Dec 31

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