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Following is a list of credit customers along with their amounts owed due and the days past due at December 31. Following that list are
Following is a list of credit customers along with their amounts owed due 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 | 2 | % | 4 | % | 6 | % | 9 | % | 13 | % | ||||||||||
Customer | Accounts Receivable | Days Past Due | ||||
BCC Company | $ | 4,800 | 17 | |||
Lannister Co. | 1,800 | 0 | ||||
Mike Properties | 5,800 | 100 | ||||
Ted Reeves | 900 | 78 | ||||
Jen Steffens | 2,800 | 36 | ||||
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 $180, record the required adjustment to the Allowance for Doubtful Accounts.
Following is a list of credit customers along with their amounts owed due 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. 1 to 30 4% Days Past Due 31 to 60 61 to 90 6% 9% Over 90 13% Percent uncollectible 2% Customer Days Past Due 17 BCC Company Lannister Co. Mike Properties Ted Reeves Jen Steffens Accounts Receivable $4,800 1,800 5,800 900 2,800 100 78 36 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. Estimated balance for Allowance for Doubtful Accounts 2. Assuming an unadjusted credit balance of $180, record the required adjustment to the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet Assuming an unadjusted credit balance of $180, record the required adjustment to the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Bad debts expense Allowance for doubtful accounts Record entry Clear entry View general journalStep by Step Solution
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