Required information Use the following information for the Exercises 14-15 below. (Static) [The following information ap

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Required Information Use The Following Information For The Exercises 14 15 Below Static The Following Information Ap 1 (33.18 KiB) Viewed 3 times

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Required information Use the following information for the Exercises 14-15 below. (Static) [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 $570,000 $ 396,000 18 1 to 30 $ 90,000 28 Days Past Due 31 to 60 $ 36,000 58 61 to 90 $ 18,000 78 Over 90 $ 30,000 10% Exercise 7-15 (Static) Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. 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 $12,000 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 $1,000 debit.
Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles $ 2,565,000 Reg A credit Req B and C >
Journal entry worksheet < 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $12,000 credit balance. 2 Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >
Journal entry worksheet < 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,000 debit balance. 2 Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal