Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis....
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Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Accounts receivable Percent uncollectible Total $ 167,500 0 $ 95,000 1 to 30 $ 33,000 Days Past Due 31 to 601 $ 14,500 61 to 90 $ 11,500 Over 98 $ 13,500 1% 2% 4% 6% 10% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,500 credit. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Accounts receivable Not due: Percent uncollectible (%) 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles = Estimated Uncollectible Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Accounts receivable Percent uncollectible Total $ 167,500 0 $ 95,000 1 to 30 $ 33,000 Days Past Due 31 to 601 $ 14,500 61 to 90 $ 11,500 Over 98 $ 13,500 1% 2% 4% 6% 10% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,500 credit. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Accounts receivable Not due: Percent uncollectible (%) 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles = Estimated Uncollectible
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