! Required information [The following information applies to the questions displayed below.] Daley Company prepared the

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Required Information The Following Information Applies To The Questions Displayed Below Daley Company Prepared The 1 (141.81 KiB) Viewed 10 times

! 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 $ 38,000 Accounts receivable Percent uncollectible Total 0 $ 580,000 $ 398,000 3% 1 to 30 $ 92,000 4% Answer is not complete. 7% Complete this question by entering your answers in the tabs below. 61 to 90 $ 20,000 9% 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 $3,800 credit. Over 90 $ 32,000 12% 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 $300 debit.
Complete this question by entering your answers in the tabs below. 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. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Accounts Receivable X $ 398,000 92,000 38,000 X 20,000 32,000 X Estimated balance of allowance for uncollectibles X X X Answer is not complete. Percent Uncollectible (%) X 3% 4% 7% 9% 12% < Req A = $ = = Estimated Uncollectible II $ 11,940 3,680 2,660 1,800 3,840 23,920 Req B and C
Complete this question by entering your answers in the tabs below. Req A No 1 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 $3,800 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 $300 debit. 2 Req B and C Date X Answer is not complete. December 31 December 31 General Journal Bad debts expense Allowance for doubtful accounts Bad debts expense Allowance for doubtful accounts Rea A Reg B and C Debit 20,120 21,220 X Credit 20,120 21,220 Show less A