Question

Jr-6Wq Company reported the following account balances at January 1, 2039: accounts receivable ................ $246,826 allowance...

Jr-6Wq Company reported the following account balances at
January 1, 2039:

  accounts receivable ................  $246,826
  allowance for bad debts ............  $ 25,561

During 2039, Jr-6Wq Company wrote-off as uncollectible
accounts receivable totaling $41,798.

At December 31, 2039, Jr-6Wq Company prepared the following
aging schedule:

                        Accounts Receivable    % Uncollectible
  not past due               $229,400                 2%
  1-2 months past due         137,800                 6%
  3-4 months past due          83,270                10%
  5-6 months past due          55,620                20%
  over 6 months past due       26,700                42%

Calculate Jr-6Wq Company's bad debt expense for 2039.

Homework Answers

Answer #1

Answer: $17,960

Calculations:

Accounts receivable % of uncollectible Uncollectibles
Not past due $229,400 2% $4,588
1-2 months past due $137,800 6% $8,268
3-4 months past due $83,270 10% $8,327
5-6 months past due $55,620 20% $11,124
Over 6 months past due $26,700 42% $11,214
Total Uncollectibles $43,521

T-Account:

Allowance for doubtful accounts
Beginning $25,561
Bad debt expense [Difference] $17,960
……… ……… Ending [Calculated above] $43,521
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