Exercise 7-8 Aging of receivables method LO P3 2. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable 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 $3,800 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 $300 debit Answer is complete and correct. Complete this question by entering your answers in the tabs below. ROGA Reg Band Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable 5 Accounts Percent Uncollectible Receivable Not duo 398 000 x 3% to 30 92,000 4% 31 to 60 38.000 7% 61 to 90 20,000 94 Over 90 32.000 12% Estimated balance of allowance for uncollectibles 11 9.00 3.630 2,660 1.000 3,840 23.920 5 cro Reg Band C> Required Information Use the following information for the Exercises below. The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due - Total 1 to 3a 31 to 60 61 to 90 Accounts receivable 5580,000 5398,000 592,800 $38,000 $20,000 Percent uncollectible 3 7 9x Over 90 $32,000 12% Exercise 7-9 Percent of recelvables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables 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 $12,200 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 $1.200 debit Answer is not complete Complete this question by entering your answers in the tabs below. Reg A Ree Bandc Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncolectibles 1.1063 credit Roga Req Band C > RogA Red Band 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 $12.200 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 $1,200 debit. Show less No Date General Journal Debit Credit 1 Dec 31 20.120 Bad debts expense Allowance for doubthul accounts olo ( Req A
