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Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Accounts receivable
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Accounts receivable Percent uncollectible Total $615,000 0 $ 405,000 1% 1 to 30 $ 99,000 2% 31 to 60 $ 45,000 5% 61 to 90 $ 27,000 7% Over 90 $39,000 10% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable 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 $4,500 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 $1,000 debit. Reg A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the a receivable method. Accounts Receivable Percent Uncollectible (%) Not due: X 1 to 30: 31 to 60: 61 to 90: X Over 90: X II Estimated balance of allowance for uncollectibles Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in t Allowance for Doubtful Accounts is a $4,500 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in th Allowance for Doubtful Accounts is a $1,000 debit. SI View transaction list Journal entry worksheet
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