What are the answers?
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $670,000 $416,000 $110,000 $56,000 $38,000 $50,000 Percent uncollectible 3% 4% 7% 9% 12% Exercise 7-8 Aging of receivables method LO P3 3. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part 6. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,600 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 $2,100 debit Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. m-n _n _n n _n Estimated balance of allowance for uncollectibles Req A Req B and 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 $5,600 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part 3. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,100 debit. View transaction list Journal entry worksheet Show IESSA Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,600 credit balance. Note: Enter debits before credits. Record entry Clear entry View general journal Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $2,100 debit balance. Note: Enter debits before credits. Clear entry View general journal Exercise 7-15 Dishonoring a note LO P4 Following are transactions for Ridge Company. Mar. 21 Accepted a $6,600, 180day, 10% note from Tamara Jackson in granting a time extension on her past-due account receivable. Sept. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare yourjournal entries. (Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Complete the table to calculate the interest amounts at September 17. Principal Rate 0%) Total interest General Jou rnal > View transaction list Journal entry worksheet 2 3 > Accepted a $6,600, 180-day, 10% note from Tamara Jackson in granting a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Mar 21 Record entry Clear entry View general journal
