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i need help fot thus question please A Aa- Po EE ET AO-A- cc * No Spac. Heading 1 Heading 2 1 Normal Title Paragraph
i need help fot thus question please
A Aa- Po EE ET AO-A- cc * No Spac. Heading 1 Heading 2 1 Normal Title Paragraph Question 04: Styles Fife, Inc. has the following account balances at December 31, 2021: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year end: Account Age Age Group Balance Estimated Uncollectible Percentage Current $96000 2% 1-30 days past due $64000 5% 31-60 days past due $16000 15% 61-90 days past due $6100 35% Over 90 days past due $3200 45% Required (1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 2021, balance sheet. (1.5 marks) (2) Prepare the journal entry to record 2021 bad debts expense. (2 marks) Step by Step Solution
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