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Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2017, of $1,900. Required: a. Prepare the adjusting entry
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2017, of $1,900. Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows. no entry is required for a transaction/event, select "No journal entry required" in the first December 31 Age of Expected 2 Becevable Recoivablel Uncollectible Not due $127,000 (under 30 1% 1 to 30 days past due 37.000 4% 60 8,500 days past due 10% Over 60 2,100 ys past 60% due View transaction list ournal cntry worksheet 1 Record the cstimate for uncollectible accounts. Note: Enter dehits before eredits. General Journal Date Debit Credit 31 2017 b. During 2018, credit sales were December 31, 2018, to estimate uncollectible receivables assuming it is based on the following aging analysis. (If no entry 1,252,000; sales discounts taken were $23,000; accounts receivable collected were $1,040,600; and accounts written off during the year totalled $25,000. Prepare the adjusting entry required on required for a transaction/event, select "No journal entry required" in the first account field.) December 31, Age of Expected 2018 Accounts Accounts Percentage Receivable hecevableUncollectible $250,000 (under 30 days) 1% days past 4% 78,000 due 31 to 60 21,000 10% pas Over 60 12,000 60% Das View transaction list. entr 1 Recond he estimate (or uncollectible accounts. Note: Enler debils befon credits. General Journal Debit Credit Date _ 31 2018 Record entry Clear entry View general journal c. Show how accounts receivable would appear on the December 31, 2018, balance sheet. Partial Balance sheet Assets Current assets
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