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Use the following information for the Exercises 14-15 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Daley Company prepared
Use the following information for the Exercises 14-15 below. (Algo)
Skip to question
[The following information applies to the questions displayed below.]
Daley Company prepared the following aging of receivables analysis at December 31.
| Total | Days Past Due | |||||
|---|---|---|---|---|---|---|
| 0 | 1 to 30 | 31 to 60 | 61 to 90 | Over 90 | ||
| Accounts receivable | $ 580,000 | $ 398,000 | $ 92,000 | $ 38,000 | $ 20,000 | $ 32,000 |
| Percent uncollectible | 3% | 4% | 7% | 9% | 12% |
Exercise 7-14 (Algo) Aging of receivables method LO P3
- Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.
- 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 $3,800 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 $300 debit.
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Financial And Managerial Accounting The Basis For Business Decisions
Authors: Jan Williams, Sue Haka, Mark S Bettner
13th Edition
0072942827, 978-0072942828
