Schedule of Account Receivable customer Total Number of days past due 1-30 31-60

Question

Schedule of Account Receivable customer Total Number of days past due 1-30 31-60 61-90 91-120 Over 120 300 DV JJ JOYSEN NJ BELL JC NET $500 300 250 200 200 150 350 10% 100 200 100 200 300 11% 300 200 100 5% 20% ?50 % UN Collectible Total estimated Collectible amount 1. 2. 3. Calculate total estimated bad debts Prepare journal entry to record the bad debts using the aged uncollectible AR Of the above accounts $40 is determined to be uncollectible, prepare the journal entry to write off the uncollectible account

Explanation / Answer

1) Calculate total estimated bad debts :

b) Journal entry :

c) Journal entry :

Days Amount Percent uncollectible Amount uncollectible 1-30 days 300 1% 3 31-60 days 300 5% 15 61-90 days 350 10% 35 91-120 days 200 20% 40 Over 120 days 100 50% 50 Total 143

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