Question
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total...
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 | ||||||||||||||||||
| Accounts receivable | $ | 630,000 | $ | 408,000 | $ | 102,000 | $ | 48,000 | $ | 30,000 | $ | 42,000 | |||||||||||
| Percent uncollectible | 1 | % | 2 | % | 5 | % | 7 | % | 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
$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.
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Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total...
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[The following information applies to the questions
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