Hello.Please see if my answer to the following question is correct - Thank you

Based on the following A/R analysis and entries .

Note , I have also tabulated the aging schedules for both years. It is follows below by my question and my answer.

2015 2014

0-30 days 3 115000 145000

31-60 days 6 35000 63000

61-90 days 12% 45000 38000

Over 90 days 25% 80000 24000

Total 275000 270000

Additional information:

1) At December 31st 2014, the adjusted balance in Allowance for doubtful accounts was a credit of $6000

2) In 2015, $23500 of accounts was written off as uncollectible and $2200 of accounts previously written off was collected.

Aging schedule dated

December 31st 2014

0-30 days 3% $145000 $4350

($145000 x 3% )

31-60 days 6% $63000 $3780

($63000 x 6%)

61-90 days 12% $38000 $4560

($38000 x 12%)

Over 90 days 25% $24000 $6000

($24000 x 25%)

Total $270000 $18690

Aging schedule dated:

December 31st 2015

0-30 days 3% $115000 $3450

($115000 x 3% )

31-60 days 6% $35000 $2100

($35000 x 6%)

61-90 days 12% $45000 $5400

($45000 x 12%)

Over 90 days 25% $80000 $20000

($80000 x 25%)

Total $275000 $30950

To answer...

Record the adjusting entry on December 31st, 2015

My Answer. If correct, should I have written this differently ? Thanks

Debit debts expense $33560

Credit Allowance for Doubtful accounts $33560

$30950 Less ( 18690 - $23500( written off account) + $2200 ( collected amount) )