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On March 31, 2018, the Accounts receivable balance of Dunham Manufacturing, Inc.. is $173,000. The Allowance for uncollectible accounts has a $1,650 credit balance. Dunham
On March 31, 2018, the Accounts receivable balance of Dunham Manufacturing, Inc.. is $173,000. The Allowance for uncollectible accounts has a $1,650 credit balance. Dunham Manufacturing, Inc., prepares the following aging schedule for its accounts receivable (Click the icon to view the aging schedule.) Read the requirements. Requirement 1. Journalize the year-end adjusting entry for uncollectible accounts on the basis of the aging schedule. Calculate the resulting ending balance of the Allowance account based on the account aging. Show the T-account for the Allowance on March 31, 2018. Begin by recording the year-end adjusting entry for uncollectible accounts in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Mar 31 Choose from any list or enter any number in the input fields and then continue to the next question. Data Table 1 Age of Accounts -30 Days 31-60 Days 61-90 Days Over 90 Days 100,000 $30,000 5.0% Accounts receivable $25,000 $18,000 Estimated percentage uncollectible 0.2% 8.0% 30% Print Done Now calculate the resulting ending balance using the followingT-account Allowance for uncollectible accounts Bal. before adj. Adj. entry Bal. after ad Requirement 2. Assume that instead of a $1,650 credit balance, the Allowance account has a $400 debit balance before adjustment. Journalize the year-end adjusting entry for uncollectible accounts on the basis of the aging schedule. Calculate the resulting ending balance of the Allowance account based on the account aging. Show the T-account for the Allowance on March 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next
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