Pharoah Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the
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Pharoah Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Your Answer Correct Answer Your answer is correct. Calculate the total estimated uncollectibles based on the below information. Numb Total 0-30 31-60 Accounts receivable $210,500 $80,200 $47.800 % uncollectible 2% 5% Estimated Bad debts $ 12349 $ 1604 $ 2390 e Textbook and Media (b Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable determined in (a). Assume the unadjusted balance in Allowance for Doubtful Accounts is a $2.300 debit Of the above accounts, $5,200 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d The company collects $5,200 subsequently on a specific account that had previously been determined to be uncollectible in tc). Prepare the journal entries necessary to restore the account and record the cash collection Credit account tities are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit Ib is id To reverse write off (to record collection of write att
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