b. During 2024, credit sales were $1,273,000; sales discounts taken were $24,000; accounts receivable collected were $1,084,300; and accounts written off during the year totalled $25,000. Prepare the adjusting entry required on December 31, 2024, to estimate uncollectible receivables assuming it is based on the following aging analysis. December 31, 2024 Accounts Receivable $250,000 77,000 22,000 16,000 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 View journal entry worksheet General Journal No Date 1 December 31, 2024 Bad debt expense Allowance for doubtful accounts Debit Credit
b. During 2024, credit sales were $1,273,000; sales discounts taken were $24,000; accounts receivable collected were $1,084,300; and accounts written off during the year totalled $25,000. Prepare the adjusting entry required on December 31, 2024, to estimate uncollectible receivables assuming it is based on the following aging analysis. December 31, 2024 Accounts Receivable $250,000 77,000 22,000 16,000 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 View journal entry worksheet General Journal No Date 1 December 31, 2024 Bad debt expense Allowance for doubtful accounts Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
Related questions
Question
![b. During 2024, credit sales were $1,273,000; sales discounts taken were $24,000; accounts receivable collected were $1,084,300;
and accounts written off during the year totalled $25,000. Prepare the adjusting entry required on December 31, 2024, to estimate
uncollectible receivables assuming it is based on the following aging analysis.
December 31, 2024
Accounts
Receivable
$250,000
77,000
22,000
16,000
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
View journal entry worksheet
General Journal
No
Date
1
December 31, 2024 Bad debt expense
Allowance for doubtful accounts
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe75b8e5a-8afc-4efd-a85c-5125d8cb0e4d%2F351fb7d9-1f59-4057-91cc-86de2e118b79%2F9asg7a8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b. During 2024, credit sales were $1,273,000; sales discounts taken were $24,000; accounts receivable collected were $1,084,300;
and accounts written off during the year totalled $25,000. Prepare the adjusting entry required on December 31, 2024, to estimate
uncollectible receivables assuming it is based on the following aging analysis.
December 31, 2024
Accounts
Receivable
$250,000
77,000
22,000
16,000
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
View journal entry worksheet
General Journal
No
Date
1
December 31, 2024 Bad debt expense
Allowance for doubtful accounts
Debit
Credit
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