ignment Question 1 Presented below is an aging schedule for Larkspur, Inc.. Numb
ID: 2511508 • Letter: I
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ignment Question 1 Presented below is an aging schedule for Larkspur, Inc.. Number of Days Past Due over 1-30 31-60 61-9090 $11,800 $14,000 25,800 40,400 $40,400 58,400 16,800 5,800 33,200 133,400 97,000 16,300 13,800 Blake Coulson $35,800 $33,200 6,300 $291,200 $154,200 $33,900 $27,800 $35,800 $39,500 6% 14% 24% 49% others Estimated Percentage Uncollectible Total Estimated Bad Debts 39% s 38,499 $ 4,626 $2,034 $3,892 $ 8,592 $19,355 At December 31, 2019, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11, Journalize and post the adjusting entry for bad debts at December 31, 2019. (Credit account titles manually.)Explanation / Answer
Date Particulars Debit Credit Apil 1 Allowance for Doubtful Debts $ 1300 Accounts Receivable $ 1300 (To classify accounts as unrecoverable, writing of debt) May 1 Accounts Receivable $ 1300 Allowance for Doubtful Debts $ 1300 (To reinstate account previously written off) May 1 Cash $ 1300 Accounts Receivable $ 1300
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