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PLEASE HELP ASAP! Required information [The following information applies to the questions displayed below] Jarden Company has credit sales of $2,600,000 for year 2017. On
PLEASE HELP ASAP!
Required information [The following information applies to the questions displayed below] Jarden Company has credit sales of $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,896. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. t g Receivable t ereivable gellectihle Account 520,000 Not vet due 00% 1.75 208,000 1 to 30 days past due 31 to 60 days past due 41,600 6.25 61 to 90 days past due Over 90 days past due 20,800 4,160 31.50 65.00 Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method. Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method. Estimated Uncollectible Accounts Receivable Percent Uncollectible (#. ## % ) 1.00% S 5,200 Not due: 520,000 S 1 to 30: 1.75% = 208,000 X 3,640 41,600 x 31 to 60 6.25%= 2.600 31.50% 61 to 90 20,800 x 6,552 Over 90 4,160 X 65.00% 2,704 20,696 Estimated balance of allowance for uncollectiblesStep by Step Solution
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