Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 595,000 0 $ 401,000 39 Days Past Due 1 to 30 31 to 60 $ 95,000 $ 41,000 49 7% 61 to 90 $ 23,000 9% Over 90 $ 35,000 12% a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% 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 $12,500 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 $1,500 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Complete this question by entering your answers in the tabs below. 57 Req A Req B and C 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 $12,500 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 $1,500 debit. Show less View transaction list X 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,500 credit balance. > 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,500 debit balance. ccounts Credit Note : journal entry has been entered Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 595,000 0 $ 401,000 39 Days Past Due 1 to 30 31 to 60 $ 95,000 $ 41,000 49 7% 61 to 90 $ 23,000 9% Over 90 $ 35,000 12% a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% 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 $12,500 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 $1,500 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Complete this question by entering your answers in the tabs below. 57 Req A Req B and C 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 $12,500 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 $1,500 debit. Show less View transaction list X 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,500 credit balance. > 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,500 debit balance. ccounts Credit Note : journal entry has been entered
