Problem 8-3A Presented below is an aging schedule for Novak Corp Number of Days Past Due Not Yet Due Over 90 1-30 31-60 61-90 Customer Aneesh Bird Cope DeSpears Others Total 24,800 28,200 $28,200 52,500 34,500 $9,600 $15,200 4,500 4,500 $43,500 $34,500 118,800 71,100 35,100 12,600 $258,800 $103,800 $49,200 $27,800 $43,500 $34,500 61% $ 3,114 $%3,444 $3,336 10,440 $21,045 Estimated percentage uncollectible 29/ 12% 24% Total estimated bad debts At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,800 Journalize the adjusting entry for bad debts at December 31, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Post the adjusting entry for bad debts at December 31, 2016. Bad Debts Expense Allowance for Doubtful Accounts SHOW LIST OF ACCOUNTS ournalize the 2017 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. March 1, a $630 customer balance originating in 2016 is judged uncollectible. 2. May 1, a check for $630 is received from the customer whose account was written off as uncollectible on March 1. No. Date Account Titles and Explanation 1. Debit Credit 2. (To reinstate account previously written off) SHOW LIST OF ACCOUNTS Post to the allowance account these 2017 events. (Post entries in the order of journal entries posted in the previous part.) Allowance for Doubtful Accounts 8,800 32,579 41,379 2016 12/31 12/31 12/31 Bal. Bal. 2017 SHOW LIST OF ACCOUNTS Journalize the adjusting entry for bad debts at December 31, 2017, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,600 and the aging schedule indicates that total estimated bad debts will be $34,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS