Principles of Financial Accounting Exam III April 16, 2021 Show All Work! Points Will Be Deducted For Failure To Show All Work! 1. LeRoy Company has the following aging of accounts schedule on 12/31/20. The APA allowance for doubtful accounts BEFORE ADJUSTMENT has a CREDIT balance of $1,400 1,400 7,650 Accts Rec. Current 1-30 31-60 61-90 90+ Total 88,000 50,000 20,000 10,000 5,000 3,000 % Bad 0.01 0.06 0.24 0.35 0.60 Total Allowance 7,650 500 1,200 2,400 1,750 1,800 REQUIRED: A Prepare the journal entry to record bad debts expense using the aging of accounts method. BDE 7,6 SO. blo ADA W for you, so they B. Record the entry to write off an account for $3,000. BDE 5,000 do 3.000 ADA 3.boo % -% C. See Part B. Calculate the balance in net accounts receivable after the write off. 00 30.00 6500 3