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I need help please ASAP. Thank you! Required information The following information applies to the questions displayed below] Daley Company prepared the following aging of

I need help please ASAP. Thank you! image text in transcribed
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Required information The following information applies to the questions displayed below] Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Accounts receivable Percent uncollectible Total $645,000 $411,000 1% 1 to 30 $105,000 2 31 to 60 $51,000 5% 61 to 90 $33,000 7% Over 50 $45,000 10% a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. 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 $13,500 credit 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 $2,500 debit Complete this question by entering your answers in the tabs below. Reg A Reg B and c Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Credit Reg A Req B and C> Days Past Due Accounts receivable Percent uncollectible Total $645,000 $411,000 1% 1 to 3e $105,000 2% 31 to 64 $51,00 5% 61 to 90 $33,300 Over 90 $45,000 106 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. 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 $13,500 credit 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 $2,500 debit Complete this question by entering your answers in the tabs below. Rega ReqB and 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 $13,500 credit 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 $2,500 debit. Show less View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 Bad debts expense Allowance for doubtful accounts 2 Dec 31 Bad debts expense Allowance for doubtful accounts

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