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need urgent Question: 3 The following represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year-end. Number of Days
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Question: 3 The following represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year-end. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Over 120 Accounts receivable 26,000 3,000 4,000 5,000 6,000 8,000 % uncollectible 0.5% 1% 2.5% 4% 8% Estimated bad debts Required: (10) (a) Calculate the total estimated bad debts based on the above information. (b) Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $450 debit. Page 2 of 3 (c) Of the above accounts, $295 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible accounts. (d) The company subsequently collects $100 on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entries necessary to restore the account and record the cash collection
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