Problem 8-5A An aging analysis of Cato Limited's accounts receivable at December 31, 2018 and 2017, showed the following: ASSIGNMENT RESOURCES Chapter 71 Post- Lecture Assignment Problem 764 Problem 7.7A Problem 7-14 ProWem 8.2A Problem 8-SA Nem Accounts Receivable Estimated Percentage Uncollectible Review Score Review Results by Study Obiective Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total 2018 $298,500 63,800 86,200 130,100 $578,000 2017 $320,800 114,900 75,800 49,900 $561.400 12% 249 Additional information: 1. At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $9,300. 2. In 2018, 542,100 of accounts were written off as uncollectible and $3,200 of accounts previously written off were recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2017 and 2018. Note that the estimated percentages uncollectible are the same for both Total estimated allowance balance at Dec 31, 2017: Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts 0-30 days $320,000 31-60 days 114,900 61-90 days 75.800 124 Over 90 days 49.900 24% Total 5561.400 Total estimated allowance balance at Dec 31, 2018: Number of Days Outstanding Accounts Receivable Estimated Percentage Uncollectible Estimated Uncollectible Accounts 0-30 days $298,500 3% 31-60 days 63,800 6% 61-90 days 86,200 12% Over 90 days 130,100 24% Total $578,600 LINK TO TEXT PRINTER VERSION NEC Record the adjusting entry relating to bad debts on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry for the account tits and enter for the amounts.) Account Titles and Explanation Record the write off of uncollectible accounts in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required t Entry for the accounts and enter for the mount) Account Titles and Explanation Debit Credit Record the collection of accounts previously written off in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Account Titles and Explanat (To reverse write off of account recevable) (To record collections) Prepare the adjusting entry relating to bad debts on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If he entry is required, select "No Entry for the account titles and enter for the amount) Account Titles and Explanation Debit Credit Calculate the carrying amount of Cato's accounts receivable at December 31, 2017 and 2018. 2018 2017 Carrying amount $ LINK TO TEXT
