Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31.

Estimated balance of allowance for uncollectables:

debit

credit

2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.)

Gerneral Journal:

• Accounts payable
• Accounts receivable
• Allowance for doubtful accounts
• Bad debts expense
• Cash
• Cost of goods sold
• Credit card expense
• Factoring fee expense
• Interest receivable
• Interest revenue
• Merchandise inventory
• Notes payable
• Notes receivable
• Sales
• Sales discounts
• Sales revenue
• Wages expense

3. On June 30 of the next year, Jarden concludes that a customers $4,600 receivable is uncollectible and the account is written off. Does this write off directly affect Jarden's net income?

Affects Jarden's net income:

Yes

No

Required information [The following information applies to the questions displayed below.) On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 860,000 344,000 68,800 34,400 13,760 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 1.30% 2.05 6.55 33.00 69.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. Accounts Receivable Percent Uncollectible (#.##%) Estimated Uncollectible Not due: II 1 to 30: 31 to 60: 61 to 90 Over 90 Estimated balance of allowance for uncollectibles $ 0 Required information (The following information applies to the questions displayed below.) On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 860,000 344,000 68,800 34,400 13,760 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 1.30% 2.05 6.55 33.00 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 Record the estimated bad debts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below. On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 860,000 344,000 68,800 34,400 13,760 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past lue 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.30% 2.05 6.55 33.00 69.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,600 receivable is uncollectible and the account is written off. Does this write off directly affect Jarden's net income? Affects Jarden's net income