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The following is the Aging Schedule and the Probability of Collection of ABC Company. Fill in the grey cells on the following table. Create the
| The following is the Aging Schedule and the Probability of Collection of ABC Company. Fill in the grey cells on the following table. Create the required journal entries. Determine the total balance for the Allowance of Uncollectible Accounts at the end of the year and fill in the answer below. | |||
| Age | Amount Outstanding | Probability of Collection | |
| 0 to 30 days | $2,000,500.00 | 98.00% | |
| 31 to 60 days | $1,500,750.00 | 95.00% | |
| 61 to 90 days | $750,500.00 | 90.00% | |
| 91 to 120 days | $300,500.00 | 75.00% | |
| over 120 days | $250,000.00 | 45.00% | |
| GENERAL JOURNAL | Page 1 | ||
| Date | Accounts | Debit | Credit |
| 0-30 days | |||
| The total Allowance of Uncollectible Accounts Balance at the end of the year | |||
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A Compilation Of University Level Assignments Marketing Audit Approach
Authors: Emeka Anyaduba
1st Edition
1475098057, 978-1475098051
