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Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2017, of $2.500. Required: a. Prepare the adjusting entry
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2017, of $2.500. Required: a. Prepare the adjusting entry assuming that Wintrey estimates uncollectible accounts pased on an aging analysis as follows. Expected Percentage Uncollectible December 31, 2017. Accounts Receivable Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due 1% 4% 10% 60% $169,000 49 000 11.500 2,700
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