unit 7 receivable aging template

8 D H 1 Aging Receivables Wright Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. 4 5 6 Accounts receivable 7 Percent uncollectible 8 Total 645,500 Days Past Due 01-30 411,000 105000 1% 2% 31-60 61.90 over 90 51500 33,000 45000 7% 10% 5% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. 9 b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. 10 Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,100 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 $1,600 debit. 11 Accounts Receivable $ Percent Uncollectible (%) 14 % 15 Not due: 16 1 to 30 17 31 to 60 18 61 to 90 19 Over 90 X III 11 11 X Estimated balance of allowance for uncollectibles 20 credit debit or credit? 21 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 $5,100 credit. 22 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 $1,600 debit. 23 24 5 -6 No Date General Journal Debit Credit 27 1 28 29 30 2 8 31 32 33 34 35 3