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[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
[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 $590,000 $400,000 1 to 30 $94,000 31 to 60 $40,000 61 to 90 $22,000 Over 90 $34,000 2% 3% 6% 8% 11% Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $4,000 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 $500 debit. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due. 1 to 30: 31 to 60: 61 to 90: Over 90 Accounts Receivable x Percent Uncollectible (%) Estimated balance of allowance for uncollectibles Req 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 $4,000 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 $500 debit. Show le View transaction list Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $4,000 credit balance. Note: Enter debits before credits. > L Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $4,000 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet < 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $500 debit balance. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit
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