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II. (a) The aging of Torme Designs' accounts receivable is shown below. Calculate the amount of...

II. (a) The aging of Torme Designs' accounts receivable is shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible.(worth 30 points)

​

Est. Uncollectible Accts.

Age Interval Balance Percentage Amount

Not past due 850,000 3.50%

1-30 days past due 47,500 5.00%

31-60 days past due 21,750 10.00%

61-90 days past due 11,250 20.00%

91-180 days past due 5,065 30.00%

181-365 days past due 2,500 50.00%

Over 365 days past due 1,145 95.00%

Total 939,210

​

(b)  If the Allowance for Doubtful Accounts has a credit balance of $1,135.00, record the adjusting entry for
the bad debt expense for the year.

(c) If the Allowance for Doubtful Account has a debit balance of $1,000, record the adjusting entry for the bad debt expense for the year

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