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show work Required information [The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31.
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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 $665,000 $415,000 28 1 to 30 $109,000 38 31 to 60 61 to 90 $55,000 $37,000 68 89 Over 90 $49,000 110 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 $13,900 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 $2,900 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 RA Reg Band C > Step by Step Solution
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