Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oct. 1st, 2019, Myles Corporation records include these specified accounts: DEBIT CREDIT Accounts Receivable 225000 Allowance For Uncollectibles 8500 In terms of the year end,

Oct. 1st, 2019, Myles Corporation records include these specified accounts:

DEBIT CREDIT
Accounts Receivable 225000
Allowance For Uncollectibles 8500

In terms of the year end, Myles Corp ages receivales and adjusts balance in allowance for uncollectibles. During latest quarter of 2019, company completed transactions:

2019:

  • Nov. 30: Wrote off as uncollectible the $1,100 account receivable from Gucci Carpets and the $600 account receivable from Tech Corp.
  • Dec. 31: One of its customers, Miller LLC., agreed to sign a 60-day note receivable to replace the $1,500 accounts receivable due on that day.
  • Dec. 31: Adjusted the Allowance for Uncollectibles, and recorded Bad Debt Expense at year-end, based on the aging of receivables, which follows.
Total 0-30days 31-60days 61-90days +90days
$230000 $150000 $40000 $14000 $26000
Estimated U/A 0.2% 0.5% 5.0% 30.0%

What is bad debt amount for 2019?

What is A/R on December 31 2019?

show all work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions

Question

What could Jean do to break the Facebook habit?

Answered: 1 week ago