HcAL ACCOUNTING (ACCT 30 ctice Gradebook ORION Downloadable eTextbook nment CALC

Question

HcAL ACCOUNTING (ACCT 30 ctice Gradebook ORION Downloadable eTextbook nment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 8-1A Rianna.com uses the allowance met year-end thod of accounting for bad debts. The company produced the following aging of the accounts receivable at Calculate the total estimated bad debts on the below information. Number of Days Outstanding 61-90 $38,000 otal 0-30 $222,000 31-60 $90,000 91-120Over 120 $15,000 Accounts Receivable $377,000 $12,000 % uncollectible 196 496 596 8% 1090 Estimated bad debts s Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in above Assume the unadjusted balance in Allowance for Doubtful Accounts is a $4,000 debit. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation

Explanation / Answer

Calculate estimated basd debt :

Adjusting entry :

Total 0-30 31-60 61-90 91-120 Over 120 Account receivable 377000 222000 90000 38000 15000 12000 % Uncollectible 1% 4% 5% 8% 10% Estimated bad debts 10120 2220 3600 1900 1200 1200

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