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How do you answer this accounting and reporting quiz question? Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes Its accounts receivable at December

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How do you answer this accounting and reporting quiz question?

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Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes Its accounts receivable at December 31. and arrives at the aged categories below along with the percentages that are estimated as uncollectlbie. MO 5MP 0-30 days past due 31 -50 days past due 61-120 days past due 121 -1 80 Over 180 days past due Total accounts receivable The unused balance of the allowance for uncoilectible accounts on December 31, before any adjustments. is $1,040. Accounts MMhII Enlmatad Lela 90 5 90.000 2% 20.000 4 11.000 10 0.000 20 4-000 50 s 1 31 .000 (a) What amount of bad debts expense will LaFond report in its income statement for the year? 5 (b) Use the nancial statement effects template to record LaFond's bad debts expense for the year. TI'IIIIICHOII Record bad debt expense CIIII Milt Insane Statement Rmua - Enema: 4- annel-manta - Balance sheet Liabilities 1- Conu'lllueedupltal + EIerCIpItII (c) What is the balance of accounts receivable on it December 31 balance sheet? 5

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