12 Required information Use the following information for the Exercises 14-15 below. (Algo) [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. 13:28 Total 1 to 30 Days Past Due 31 to 60 61 to 90 Accounts receivable $ 580,000 $ 398,000 $ 92,000 $ 38,000 $ 20,000 Percent uncollectible 3% 4% 7% ง 9% bk t ences Over 90 $ 32,000 12% Exercise 7-15 (Algo) Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. 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 $12,200 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 $1,200 debit.

12 Required information Use the following information for the Exercises 14-15 below. (Algo) [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. 13:28 Total 1 to 30 Days Past Due 31 to 60 61 to 90 Accounts receivable $ 580,000 $ 398,000 $ 92,000 $ 38,000 $ 20,000 Percent uncollectible 3% 4% 7% ง 9% bk t ences Over 90 $ 32,000 12% Exercise 7-15 (Algo) Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. 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 $12,200 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 $1,200 debit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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