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Milo Tindolini Co. maintains an "allowance for doubtful accounts" which is charged when an accounts receivable are written off. As of January 1, 2018 he allowance account had a credit balance cf $ 49,800 During January 2018 the following bad-debt related activity occurred 5-Jan Wrote off balance due from NY Islanders Ltd 8-Jan Wrote off balance due from LAMCO Ent. Inc., 16-Jan Wrote off balance due from Weinstein Ltd., 20-Jan Wrote off balance due from DeFillippe's Mkt., 25-Jan Reinstated741 of LAMCO Ent accounts receivable $ 4,450 $ 2470 S 3,320 980 and recorded the collection on account 29-JanWrote off balance due from NY Mets Inc S1,645 For the month ended January 31, 2018 Milo reporned sales of $ 2,325,000 and provided the following analysis of accounts receivable Est %not Aged Est amount Age intervals Current 1- 30 days 31-60 days 10% 2.5% 5.0% 7 0% 250% $ 931,000 495,000 327,000 58,000 23 620 1,834 620 $ 9,310 12,375 16,350 4,060 5.905 61-90 days 90+ days Total estimated bad debts Required Prepare the journal entries relative to the transactions from January 5th Prepare a T" account which reflects the activity and account balance for Assuming Milo uses the above aging for purposes of estimating Bad Debts through January 29th Allowance for Doubtful Accounts" up to and including January 31st 1 Prepare the required month-end adjustment for Bad Debts 2 Calculate the post adjustment balance in "Allowance for doubtful accounts Calculate the Expected reaizable value of Accounts Receivable as of January 31,2018 Assuming Milo uses the % of sales method for purposes of estimating Bad Debts and 0.5% D the amount of sales deemed uncollectible 1 Prepare the required month-end adjustment for Bad Debts 2 Calculate the post adjustment balance in "Allowance for doubtful 3 Calculate the Expected realizable value of Accounts Receivable as of January 31, 2018 Milo Tindolini Co. maintains an "allowance for doubtful accounts" which is charged when an accounts receivable are written off. As of January 1, 2018 he allowance account had a credit balance cf $ 49,800 During January 2018 the following bad-debt related activity occurred 5-Jan Wrote off balance due from NY Islanders Ltd 8-Jan Wrote off balance due from LAMCO Ent. Inc., 16-Jan Wrote off balance due from Weinstein Ltd., 20-Jan Wrote off balance due from DeFillippe's Mkt., 25-Jan Reinstated741 of LAMCO Ent accounts receivable $ 4,450 $ 2470 S 3,320 980 and recorded the collection on account 29-JanWrote off balance due from NY Mets Inc S1,645 For the month ended January 31, 2018 Milo reporned sales of $ 2,325,000 and provided the following analysis of accounts receivable Est %not Aged Est amount Age intervals Current 1- 30 days 31-60 days 10% 2.5% 5.0% 7 0% 250% $ 931,000 495,000 327,000 58,000 23 620 1,834 620 $ 9,310 12,375 16,350 4,060 5.905 61-90 days 90+ days Total estimated bad debts Required Prepare the journal entries relative to the transactions from January 5th Prepare a T" account which reflects the activity and account balance for Assuming Milo uses the above aging for purposes of estimating Bad Debts through January 29th Allowance for Doubtful Accounts" up to and including January 31st 1 Prepare the required month-end adjustment for Bad Debts 2 Calculate the post adjustment balance in "Allowance for doubtful accounts Calculate the Expected reaizable value of Accounts Receivable as of January 31,2018 Assuming Milo uses the % of sales method for purposes of estimating Bad Debts and 0.5% D the amount of sales deemed uncollectible 1 Prepare the required month-end adjustment for Bad Debts 2 Calculate the post adjustment balance in "Allowance for doubtful 3 Calculate the Expected realizable value of Accounts Receivable as of January 31, 2018
