Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $630,000 $ 408,000 1 to 30 $ 102,000 Days Past Due 31 to 60 $ 48,000 61 to 90 $ 30,000 Over 90 $ 42,000 18 28 5% 78 10% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $4,800 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 $1,300 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: Accounts Receivable X X 1 to 30: 31 to 60: 161 to 90: X Percent Estimated Uncollectible (%) Uncollectible S < Prev 6 7 of 10 Next > Help Save

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3SEB: UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the...
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Daley Company prepared the following aging of receivables analysis at December 31.
Accounts receivable
Percent uncollectible
Total
$630,000
$ 408,000
1 to 30
$ 102,000
Days Past Due
31 to 60
$ 48,000
61 to 90
$ 30,000
Over 90
$ 42,000
18
28
5%
78
10%
a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
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 $4,800 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 $1,300 debit.
Complete this question by entering your answers in the tabs below.
Req A
Req B and C
Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
Not due:
Accounts
Receivable
X
X
1 to 30:
31 to 60:
161 to 90:
X
Percent
Estimated
Uncollectible (%) Uncollectible
S
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Transcribed Image Text:Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $630,000 $ 408,000 1 to 30 $ 102,000 Days Past Due 31 to 60 $ 48,000 61 to 90 $ 30,000 Over 90 $ 42,000 18 28 5% 78 10% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $4,800 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 $1,300 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: Accounts Receivable X X 1 to 30: 31 to 60: 161 to 90: X Percent Estimated Uncollectible (%) Uncollectible S < Prev 6 7 of 10 Next > Help Save
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