Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 48,000 Accounts receivable. Percent uncollectible Total $ 630,000 e $ 408,000 1% 1 to 30 $ 102,000 2% 5% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts eceivable. . Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $4,800 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $1,300 debit.
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
![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.
Accounts
Receivable
X
Not due:
1 to 30:
31 to 60:
61 to 90:
Over 90:
Estimated balance of allowance for uncollectibles
X
X
X
X
Percent
Uncollectible (%)
X
=
=
=
=
=
< Req A
Estimated
Uncollectible
Req B and C >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89637472-380a-496b-a7a1-603543824ce5%2F074ba8cf-3816-41eb-9834-86d12d75596e%2Fkpljwn_processed.png&w=3840&q=75)
![Required information
[The following information applies to the questions displayed below.]
Daley Company prepared the following aging of receivables analysis at December 31.
Accounts receivable
Percent uncollectible
Total
$ 630,000
0
$ 408,000
1%
1 to 30
$ 102,000
2%
Days Past Due
31 to 60
$ 48,000
5%
61 to 90
$ 30,000
7%
Over 90
$ 42,000
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89637472-380a-496b-a7a1-603543824ce5%2F074ba8cf-3816-41eb-9834-86d12d75596e%2Fw23rxpo_processed.png&w=3840&q=75)
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