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The trial balance before adjustment of Skysong, Inc., reporting under ASPE, includes the following balances: Debit Credit Accounts receivable $105,900 Allowance for doubtful accounts.
The trial balance before adjustment of Skysong, Inc., reporting under ASPE, includes the following balances: Debit Credit Accounts receivable $105,900 Allowance for doubtful accounts. 2,000 Sales revenue (all on credit) $687,000 Sales returns and allowances 28,400 (a1) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging, the following percentages will not be collected: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Percentage Estimated to Be Uncollectible Balance 0-30 days outstanding $37,200 19 31-60 days outstanding 47,000 5% 61-90 days outstanding 13.200 12% Over 90 days outstanding 8,500 18% Account Titles and Explanation Debit Credit
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