Daenerys Targaryen is the CEO of Snow Dragon, Inc., a wholesaler of environmentally friendly dragon treats (free-range sheep) Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts ower and the days past due as of December 31, 20x6. Accounts receivable Percent uncollectible He Days Past Due Total 1 to 45 46 to 90 91 to 120 Over 120 $167,500 $95,000 $33,000 $14,500 $11,500 $13,500 18 24 (1 100 1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of December 31, 20x6. 2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the Allowance for Doubtful Accounts has a credit balance of $2,500 on the unadjusted trial balance?

Daenerys Targaryen is the CEO of Snow Dragon, Inc., a wholesaler of environmentally friendly dragon treats (free-range sheep) Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts ower and the days past due as of December 31, 20x6. Accounts receivable Percent uncollectible He Days Past Due Total 1 to 45 46 to 90 91 to 120 Over 120 $167,500 $95,000 $33,000 $14,500 $11,500 $13,500 18 24 (1 100 1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of December 31, 20x6. 2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the Allowance for Doubtful Accounts has a credit balance of $2,500 on the unadjusted trial balance?

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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Please read the questions carefully the First question is asking for journal entry.
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