Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Moore Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An
Moore Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $170,000 1% 1-30 days past due 15,000 3% 31-60 days past due 12,000 6% 61-90 days past due 5,000 12% Over 90 days past due 9,000 25% $211,000 Total Accounts Receivable Calculate: 1) The amount of uncollectible accounts. 2) The amount to be recorded as Bad Debt Expense 1) $99,170; 2) $98,470 1) $5.720: 2) $5.020 ENG Current Accounts $170,000 1% 1-30 days past due 15,000 3% 31-60 days past due 12,000 6% 61-90 days past due 5,000 12% Over 90 days past due 9,000 25% Total Accounts Receivable $211,000 Calculate: 1) The amount of uncollectible accounts. 2) The amount to be recorded as Bad Debt Expense 1) $99,170; 2) $98,470 1) $5,720; 2) $5,020 1) $5,720; 2) $6,420 1) $5,720; $5,720
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started