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 $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,514. 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 $ 520,000 208,000 41,600 20, 800 4,160 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. 50% 2. 25 6.75 34.00 71.00 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. Estimated Uncollectible Accounts Percent Receivable Uncollectible (#.##%) Not due: 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles 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 $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,514. 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 categ that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $ 520,000 208,000 41, 600 20, 800 4, 160 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. 50% 2.25 6.75 34.00 71.00 Problem 9-3A Part 2 2. Prepare the adjusting entry to record bad debts expense at December 31, 2017. View transaction list Journal entry worksheet Complete this questi by entering your ariswers in the tabs below. Required 1A Required 1B Required 1C Required 1D Use the calculated value to prepare your journal entries for 2016 transactions. View transaction list Journal entry worksheet Accepted a $11,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date Dec 16 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Use the calculated value to prepare your journal entries for 2016 transactions. View transaction list Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amounts. Midnight Co. Note - March 2, 2017 Total Through Maturity A. Privet Note Midnight Co. Mulan Note - - March 17, August 7, 2017 Note - May 31, 2017 N. Carson Note - September 3, 2017 2017 Principal Rate (%) Time Total interest Required 1A Required 1B Required 1C Required 1D Use those calculated values to prepare your journal entries for 2017 transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 11 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. General Journal Debit Credit Date Feb 14 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 11 Accepted a $6,800, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. Note: Enter debits before credits. General Journal Debit Credit Date Mar 02 Record entry Clear entry View general journal Journal entry worksheet Accepted a $2,900, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Mar 17 Record entry Clear entry View general journal Journal entry worksheet Privet dishonored her note when presented for payment. Note: Enter debits before credits. General Journal Debit Credit Date Apr 16 Record entry Clear entry View general journal Journal entry worksheet Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%. Note: Enter debits before credits. General Journal Debit Credit Date Jul 16 Record entry Clear entry View general journal Journal entry worksheet