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Your company has $3,100,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,300 and the company writes off

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Your company has $3,100,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,300 and the company writes off $800 in bad debts during the year: (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,580,000 of the credit sales are not yet due (estimated that 04% are uncollectible), $343,000 are 160 days late (estimated that 1.60% are uncollectible) and $12,000 are over 60 days late (estimated that 25% are uncollectible). (Omit the "\$" sign in your response.) Estimated doubtful accounts (b) Using the assumptions in the initial problem statement above, and using the aging of accounts method, calculate the bad debt expense. Show your calculation in a T account for Allowance for doubtful accounts and present the journal entry to reficord bad debt expense (Omit the " $ " sign in your response.) (c) Calculate the estimated bad debt expense using the percentage of credit sales method and prepare the journai entry Histolically your company is unable to collect 1.80% of credit sales. (Omit the "Sign sin your response:)

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