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Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens 0 1% $ 4,500 1,500 5,500 750 2,500 1 to 30 3% Accounts Receivable Days Past Due 13 0 116 70 37 Days Past Due 31 to 60 5% 61 to 90 8% Over 90 12% 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 $150, record the required adjustment to the Allowance for Doubtful Accounts.
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