A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 53,000 0.5 61–90 days 18,500 1.0 91–120 days 2,300 10.0 Over 120 days 1,200 50.0 The allowance for uncollectible accounts had a balance of $1,330 on January 1, 2024. During the year, bad debts of $680 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts.
A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 53,000 0.5 61–90 days 18,500 1.0 91–120 days 2,300 10.0 Over 120 days 1,200 50.0 The allowance for uncollectible accounts had a balance of $1,330 on January 1, 2024. During the year, bad debts of $680 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts.
Chapter18: The Management Of Accounts Receivable And Inventories
Section: Chapter Questions
Problem 9P
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A summary of Klugman Company's December 31, 2024,
| Age Group | Amount | % |
|---|---|---|
| 0–60 days | $ 53,000 | 0.5 |
| 61–90 days | 18,500 | 1.0 |
| 91–120 days | 2,300 | 10.0 |
| Over 120 days | 1,200 | 50.0 |
The allowance for uncollectible accounts had a balance of $1,330 on January 1, 2024. During the year,
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