Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 (The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,200,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $11,694. 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. December 31, 2017 Accounts Receivable $ 440,000 176,000 35,200 17,600 3,520 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 0.755 1.50 6.00 30.25 63.00 Problem 9-3A Part 1 Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method. Accounts Receivable Percent Uncollectible (0.00%) Estimated Uncollectible Not due: 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 (The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,200,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $11,694. 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. December 31, 2017 Accounts Receivable 5.440,000 176.000 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due collect 0.758 1.50 6.00 30.25 63.00 Problem 9-3A Part 2 2. Prepare the adjusting entry to record bad debts expense at December 31, 2011 View transaction fint Journal entry worksheet The following selected transactions are from Ohlm Company. (Une 360 days a year.) 2016 Dee. 16 septed $12,200, 60-day, e note dated this day in granting Danny Todd a time extension account receivable. 31 Made an adjusting entry to record the agered interest on the Todd note. is pont.de 2017 Teb. 16 Received Todd's payment of principal and interest on the note dated December 16. Mar c opted (n) 67,700, , 90-day note dated this day in granting a time extennion on the past due account receivable from Midnight Co. 17 Recepted (N) $3,500, 30-day, 7 note dated this day in granting Ava Privet a time extension on her pant due account receivable. Apr 16 Privet dishonored her note when presented for payment May 31 Midnight Co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to change the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyol maturity at 88. Aug. Accepted ain) $8,300, 90-day, BN note dated this day in granting a time extension on the pastdue account receivable of Mulan Co. sep Accepted ) $3,150, 60-day, 118 note dated this day in granting Noah Carson a time extension on his past due account receivable. Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. Nov. Received payment of principal plus interest from Mulan for the August 7 note. De Wrote of the privat account against the Allowance for Doubtful Recounts. Required 1-a. First, complete the table below to calculate the interest amount at December 31, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 transactions 1-c. First, complete the table below to calculate the interest amounts. 1. Use those calculated values to prepare your journal entries for 2017 transactions Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 1D