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Jiffy T-shirts uses the allowance method for accounts receivable. The Allowance for Doubtful Accounts has a $800 debit balance. The current aging of accounts receivables

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Jiffy T-shirts uses the allowance method for accounts receivable. The Allowance for Doubtful Accounts has a $800 debit balance. The current aging of accounts receivables and allowance for doubtful accounts percents are provided below. Days Past Due Amount Allowance % Current 90,000 1% 1 to 30 days 35,000 5% 31 to 60 days 42,000 8% 61 to 90 days 5,800 15% Over 90 days 2,300 35% Total Accts Receivable 175,100 a) Fill in the missing entries in the table, then use to calculate Ending Allowance for Doubtful Accounts and Bad Debt Expense. Days Past Due Amount Allowance % Allowed Amount Current 90,000 1% 1 to 30 days 35,000 5% 31 to 60 days 42,000 8% 61 to 90 days 5,800 15% Over 90 days 2,300 35% Total Accts Receivable 175,100 Ending Allowance for Doubtful Accounts: $ Bad Debt Expense: S b) Prepare the Dec 31 Journal entry to record bad debt expense Date Description Debit Credit Dec 31 c) Post your entry to the T-accounts Bad Debt Expense Allowance for Doubtful Accounts

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