Percent Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Balance Uncollectible $ 892,000 49% 285,000 101,000 1. 8. 63,000 16 43,100 17,700 $1,401,800 50 80 a. Estimate what the total balance of the allowance for doubtful accounts should be as of December 31. of December 31
Percent Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Balance Uncollectible $ 892,000 49% 285,000 101,000 1. 8. 63,000 16 43,100 17,700 $1,401,800 50 80 a. Estimate what the total balance of the allowance for doubtful accounts should be as of December 31. of December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Percent
Uncollectible
Age Class
Balance
Not past due
1-30 days past due
31-60 days past due
61-90 days past due
91-180 days past due
Over 180 days past due
$ 892,000
4%
285,000
1
101,000
8.
63,000
16
43,100
50
17,700
80
$1,401,800
a.
Estimate what the total balance of the allowance for doubtful accounts should be as of
December 31.
b. Journalize the adjusting entry for uncollectible accounts as of December 31.
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