Required Information Use The Following Information For The Exercises Below The Following Information Applies To The Qu 1 (140.18 KiB) Viewed 32 times
Required information Use the following information for the Exercises below. [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 0 Total $660,000 $414,000 1% Days Past Due 1 to 30 $108,000 Exercise 7-8 Aging of receivables method LO P3 2% 31 to 60 61 to 90 $54,000 $36,000 5% 7% Over 90 $48,000 10% a. Complete the below table 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 $5,400 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 $1,900 debit.
Complete this question by entering your answers in the tabs below. Req 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 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 II || = || =
Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,400 credit balance. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit >
Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,900 debit balance. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit
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