Problem 8-3A (Part Level Subrn Presented below is an aging schedule for Bosworth

Question

Problem 8-3A (Part Level Subrn Presented below is an aging schedule for Bosworth Company Part Level Submission Number of Days Past Due Not Yet Due Over 90 1-30 31-60 61-90 Customer Aneesh Bird Cope DeSpears Others Total $24,000 30,000 50,000 38,000 120,000 $2600 9,000 15,000 30,000 5,000 5,000 $40,000 $38,000 72,000 35,000 13,000 107,000 $49,000 $28,000 $40,000 $38,000 60% 9,600 $22,800 st 54,000 $28,000 $40,000 $38,000 . - Estimated percentage uncollectible Total estimated bad debts 3% 12% 24% 42,400 3,210 $3,430 $3,360 At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000

Explanation / Answer

Solution:

Step 1 Journal Entries:

Step 2 T- Account Entries:

Step 3 Enter Adjustments in the Journal:

Step 4 Final Journal Entry:

Date Account Debit Credit Dec 31, 2013 Bad debt expense 34,400 Allowance for doubtful accounts 34,400 (Adjusting allowance account to total estimated uncollectable)

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