Question
A summary of Tory Company's December 31, 2021, accounts receivable aging schedule is presented below along...
A
summary of Tory Company's December 31, 2021, accounts receivable
aging schedule is presented below along with the estimated percent
uncollectible for each age group:
Age Group Amount %
0-60 days $56,000 0.5
61-90 days 20,000 1.0
91-120 days 2,600 10.0
Over 120 days 1,200 50.0
The allowance for uncollectible accounts have a balance of
$1,360 on january 1, 2021. During the year, bad debts of $710 were
written off.
1. Record the journey entries for the write-off of the account
receivables as well as the adjusting entries for bad debit expenses
for the year.
2. shows a year and balance sheet presentation for account
receivable (using proper formatting.)
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