Required information [The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Accounts receivable Percent uncollectible Total 0 $590,000 $400,000 28 1 to 30 $94,000 38 31 to 60 61 to 90 $40,000 $22,000 68 Over 90 $34,000 116 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Complete this question by entering your answers in the tabs below. Reg A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 0 Accounts receivable Percent uncollectible Total $590,000 $400,000 28 1 to 30 $94,000 38 31 to 60 61 to 90 $40,000 $22,000 88 Over 90 $34,000 118 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit Complete this question by entering your answers in the tabs below. Req A Reg B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. Prepare the adjusting entry to record bad debts expense using the estimate from parts. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Show less View transaction list Journal entry worksheet Reg A Req B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Show less View transaction list Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,400 credit balance. Note: Enter debits before credits General Journal Date Dec 31 Debit Credit Record entry Clear entry View general Journal Required information Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 debit. Show less View transaction list Journal entry worksheet
