4. EX.09.165 baithe end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accou

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4 Ex 09 165 Baithe End Of The Current Year Accounts Receivable Has A Balance Of 675 000 Allowance For Doubtful Accou 1 (154.88 KiB) Viewed 29 times

4. EX.09.165 baithe end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $5,400; and sales for the year total $3,000,000. An analysis of receivables indicates the uncollectible receivables are estimated to be $45,000 a. $ Determine the amount of the adjusting entry for bad debt expense. 39,600 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance $ 675,000 Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense us, ooo 39600 C. Determine the net realizable value of accounts receivable. $ 5. EX.09.170 A partially completed aging of receivables schedule for Lindy Designs is shown below. a. Complete the schedule and determine the total estimate of uncollectible accounts. Round your answers to two decimal places. Estimated Uncollectible Accounts Percentage Amount 2.50% $ 4.00 9.50 16.00 Age Interval Balance Not past due $550,000 1-30 days past due 96,500 31-60 days past due 43,750 61-90 days past due 22,250 91-180 days past due 5,600 181-365 days past due 3,100 Over 365 days past due 1,250 Total $722,450 31.00 60.00 95.00 $ alance of $9,700, record the adjusting entry for bad debt