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I'm not looking just for answers, I really need to understand this stuff. So if you could please show detailed work on how you did
I'm not looking just for answers, I really need to understand this stuff. So if you could please show detailed work on how you did the math I'd really appreciate it!
Total Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $10,600 $12,100 Customer Anders Blake Coulson Deleon Others $ 22,700 41,300 $ 41,300 57,100 15,200 34,900 132,800 95,500 $288,800 $152,000 6,000 $35,900 $34,900 15,400 15,000 6,900 $32,000 $27,100 $35,900 $41,800 1% 6% 13% 24% 40% Estimated Percentage Uncollectible Total Estimated Bad Debts $ 32,299 $ 1,520 $ 1,920 $ 3,523 $ 8,616 $16,720 At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,100. Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit accoun manually.) Date Account Titles Credit Debit Dec. 31 Ref. Debit Credit Balance Bad Debts Expense Date Explanation Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Ref. Debit Credit Balance Dec. 31 Balance Dec. 31 Adjusting Journalize and post to the allowance account the following events and transactions in the year 2021. (Credit account titles are Do not indent manually.) 1. On March 31, a $1,000 customer balance originating in 2020 is judged uncollectible. 2. On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31. No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. May 31 (To reverse write-off) May 31 (To record collection of write off.) Debit Credit Allowance for Doubtful Accounts Date Explanation Ref. Dec. 31, 2020 Balance Dec 31, 2020 Adjusting Balance 12,100 32,299 20,199 Mar. 31, 2021 May 31, 2021 SHOW LIST OF ACCOUNTS LINK TO TEXT Journalize the adjusting entry for bad debts on December 31, 2021, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $840 and the aging schedule indicates that total estimated bad debts will be $29,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31Step by Step Solution
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