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 1 to 30 $118,000 $56, e00 4% Total 31 to 6e 61 to 9e Over 90 Accounts receivable Percent uncollectible $670, 000 $416,000 3% $38, e00 7% $50, e00 12% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts recelvable. 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 $5.600 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 $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Accounts Receivable Percent Uncollectible Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: (%) | x Estimated balance of allowance for uncollectibles Req A Req B and C >
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.
[The following information applies to the questions displayed below.]
Daley Company prepared the following aging of receivables analysis at December 31.
| Days Past Due | |||||||||||||||||||||||
| Total | 0 | 1 to 30 | 31 to 60 | 61 to 90 | Over 90 | ||||||||||||||||||
| $ | 670,000 | $ | 416,000 | $ | 110,000 | $ | 56,000 | $ | 38,000 | $ | 50,000 | ||||||||||||
| Percent uncollectible | 3 | % | 4 | % | 7 | % | 9 | % | 12 | % | |||||||||||||
a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.
b. Prepare the
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 $2,100 debit.
Req A - Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.
Req B and 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 $5,600 credit.
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 $2,100 debit.
![Required Information
[The following Information applies to the questions displayed below.]
Daley Company prepared the following aging of recelvables analysis at December 31.
Days Past Due
Total
1 to 30
$110,e00
3%
31 to 60
61 to 90
Over 90
Accounts receivable
$670, e00 $416, e00
$56, e00
$38,000
$50, 000
9%
Percent uncollectible
12%
4/6
a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts recelvable.
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 $5.600 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 $2.100 debit.
Complete this question by entering your answers in the tabs below.
Reg A
Req B and C
Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of
accounts receivable.
Accounts
Receivable
Реrcent
Uncollectible
(%)
Not due:
1 to 30:
31 to 60:
61 to 90:
%3D
Over 90:
Estimated balance of allowance for uncollectibles
Req A
Req B and C >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44d84d1f-5997-4168-9e5f-f56ef74728ed%2F8a6357ce-5ce9-42b0-92a3-c49337ed4a47%2Ftgyaps_processed.png&w=3840&q=75)
![Required Information
[The following infomation applies to the questions displayed below.]
Daley Company prepared the following oging of receivebles analysis et December 31.
Days Past Due
Total
1 to 30
31 to 60
61 to 90
Over 9e
Accounts receivable
$678,000
$416,000
$110,0ee
$56,800
$38,0e0
$50,800
Percent uncollectible
3%
4%
7%
9%
12%
a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.
b. Prepare the sdjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted bolance in the Allowance
for Doubtful Accounts is a $5,600 credit.
c. Prepare the sdjusting entry to record bad debts expense using the estimste from part a. Assume the unadjusted balance in the Allowance for
Doubtful Accounts is a $2100 debit
Complete this question by entering your answers in the tabs below.
Req A
Req B and 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 $5,600 credit.
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 $2,100 debit.
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Journal entry worksheet
1
2
Record estimated bad debts assuming that Allowance for Doubtful
Accounts has a $5,600 credit balance.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44d84d1f-5997-4168-9e5f-f56ef74728ed%2F8a6357ce-5ce9-42b0-92a3-c49337ed4a47%2Fduxbkzg_processed.png&w=3840&q=75)
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