x \\ me, Student: Home-My.Sc ×?° Registration Term X·? ACCT1010 LOI Conner X / C

Question

x me, Student: Home-My.Sc ×?° Registration Term X·? ACCT1010 LOI Conner X / Connect https://newconnect.mheducation.com/flow/connect.html?isRege true&returnUrl; https%3A%2F%2Fconnect.mheducation.com%2Fpaamwe XM Passport App Saved receivables analysis Days Past Due er Total 1 to 30 31 to 60 61 to 98 over 90 Accounts receivable Percent uncollectible $570,000 $396,008 $9,080$36,00$18,000 $30,000 2% 1% 5% 7% 10% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method Accounts receivable uncollectible Not due 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles Req B andC >

Explanation / Answer

a) Complete table :

Adjusting entry :

Days Account receivable * Percent uncollectible = Uncollectible amount Not due 396000 * 1% = 3960 1 to 30 90000 * 2% = 1800 31 to 60 36000 * 5% = 1800 61 to 90 18000 * 7% = 1260 Over 90 days 30000 * 10% = 3000 Estimated balance of allowance for uncollectible amount 11820

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