Daley Company prepared the following aging of receivables
analysis at December 31.
|Days Past Due|
|Total||0||1 to 30||31 to 60||61 to 90||Over 90|
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 $4,800 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 $1,300 debit.
If you have any doubts please comment on the answer.
Get Answers For Free
Most questions answered within 1 hours.