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Please help me with the following accounting question #'s a b and c Will give good rating! thank you in advance % by A/r means
Please help me with the following accounting question #'s a b and c
Will give good rating! thank you in advance
% by A/r means allowance for doubtful accounts
Question 2 Wing Inc. generated $2.75 million in credit sales during the current year. The balance of the allowance for doubtful accounts at December 31 is $2,500 debit. Accounts receivable at December 31 consists of the following: Estimated Percentage Account Classification Amount Uncollectible 130 days $350,000 1.5% 31-60 days 180,000 3% 61-90 days 55,000 5% Over 90 days 21,000 25% Required: a) Calculate and record the journal entry for bad debt expense for the current year using the aging of accounts receivable approach. b) Wing has decided to write off $15,000 of the accounts that were over 90 days old. Record the journal entry. c) One of the customers whose $2,200 account was written off paid in full. Record the journal entry
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