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PROBLEM I(pts.) All Sales are on credit. Included in the accounts of Blass, Inc. are the following ALLOWANCE FOR DOUBTFUL ACCOUNTS ACCOUNTS RECEIVABLE 1500 SALES

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PROBLEM I(pts.) All Sales are on credit. Included in the accounts of Blass, Inc. are the following ALLOWANCE FOR DOUBTFUL ACCOUNTS ACCOUNTS RECEIVABLE 1500 SALES 140,000 880,000 take a balance sheet approach to uncollectibles and prepared the following aging schedule. Blass decided to over 90 days Total $ 900 61-90 days 31-60 days 900 account0-30 days Annabella Corporation 750 750 Babcock Manufacturing Zippity Do, Inc. Totals 500 500 $ 8,000 $ 2,000 $ 140,000 $ 95,00035,000 4% % uncollectible 1596 1% 30% a) Complete the aging schedule above. b) Prepare the journal entry Blass should make based on the aging schedule. c) Prepare the journal entry to write off the account of Annabella Corporation. d) Again, based on your aging schedule, prepare the necessary journal entry assuming that the balance in Allowance for Doubtful Accounts is a $300 debit prior to your adjustment

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