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Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,400. Required: a. Prepare the adjusting entry
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,400. Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows. December 31, 2020 Accounts Receivable $ 162,000 47,000 11,000 2,600 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 Expected Percentage Uncollectible 1% 4% 10% 60% View transaction list Journal entry worksheet 1 Record the estimate for uncollectible accounts. Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. HO General Joumal Debit Credit Cell . Date December 31, 2021 DE FEST ee Record entry Clear entry View general journal TEL c. Show how accounts receivable would appear on the December 31, 2021, balance sheet TEEMIESE U F5Gs|| LEGGE BEHEME and Balacia Partial Balance sheet FOTO Assets ene EE | HD Gato Current assets SEE MORE
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