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Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past Due Total 1
Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past Due Total 1 to 30 31 to 60 61 to 90 6,000 $ 10,000 Over 90 $ 190,000 $ 132,000 $ 30,000 $ 12,000 1% Accounts receivable Percent uncollectible 2% 12% 4% a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. (Omit the "$" sign in your response.) Allowance for doubtful accounts 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 $600 credit. (Omit the "$" sign in your response.) Date Dec 31 (Click to select) General Journal Debit Credit (Click to select) 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 $400 debit. (Omit the "$" sign in your response.) Date Dec 31 (Click to select) Credit General Journal Debit (Click to select)
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