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P9-3A Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Halleran Company. Customer Anders Blake Total $
P9-3A Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Halleran Company. Customer Anders Blake Total $ 22,000 40,000 $ Not yet Due 1-30 Number of Days Past Due 31-60 61-90 $10,000 $12,000 Over 90 40,000 Coulson 57,000 16,000 6,000 35,000 Deleon 34,000 34,000 Others 132,000 96,000 16,000 14,000 6,000 $285,000 $ 152,000 $32,000 $ 26,000 $ 35,000 $ 40,000 Estimated Percentage Uncollectible 3% 6% 13% 25% 50% Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $ 3,380 $ 8,750 $ 20,000 At December 31, 2017, the unadjusted balance in Allowance for Doutful Accounts is a credit of $12,000. Instructions: (a) Journalize and post the adjusting entry for bad debts at December 31, 2017. (b) Journalize and post the allowance account the following events and transactions in the year 2018. (1) On March 31, a $1,000 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31. (c) Journalize the adjusting entry for bad debts on December 31, 2018, assuming that the unadjusted balance in the Allowance for Doubtful Accounts is a debit of $800 and the aging schedule indicates that total estimated bad debts will be $31,600. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?".
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