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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?
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