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Question 5 (Chapter 8) At Dec 31, Hamilton Ince prepared the following aging schedule for the Accounts Receivable: Total Uncollectible Days Outstanding Accounts Receivable
Question 5 (Chapter 8) At Dec 31, Hamilton Ince prepared the following aging schedule for the Accounts Receivable: Total Uncollectible Days Outstanding Accounts Receivable 0-30 days $368,000 31-60 days $120,000 61-90 days $72,000 Over 90 days $40,000 Estimated % Uncollectible 1% 4% 10% 20% 3680 4800 7200 8ows $600,000 16680 a) Complete the "Total uncollectible" by multiplying the Accounts Receivable by the Estimated % Uncollectible b) Prepare the adjusting journal entry at December 31 to record bad bebt expense, assuming the allowance account has a credit balance of $3,600 before adjustments. c) The company got word that an account for $6320 will definitely be uncollectible in the future. Do the journal entry to record this write off. d) Your legal team has recovered $5110 from an account that was previously written off and is collectible in the future. Do the journal entry to record this recovery. A/K less all
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