a. The aging of Torme Designs\" accounts receivable is periodicity range that is

ID: 2555150 • Letter: A

Question

a. The aging of Torme Designs" accounts receivable is periodicity range that is deemed to be uncoliectible. If required, round your answers to two shown below. Calculate the amount of each decimal places. Estimated Uncollectible Accts Balance Percentage Amount Age Interval Not past due 3.50% S.00 10.00 20.00 30.00 50.00 95.00 $ $850,000 47,500 31-60 days past due21,750 11,250 5,065 181-365 days past due 2,500 365 days past due 1,145 $939,210 1-30 days past due 61-90 days past due 91-180 days past due Over Total b. f Allowance for Doubtful Accounts has a credit balance of $1,135.00, record the adjusting entry for the bad debt expense for the year. Round your answers to two decimal places Dec. 31

Explanation / Answer

Estimated Uncollectible Accounts

Age Interval

Balance

Percentage

Amount

Not past due

$850,000

3.50%

$29,750.00

1-30 days past due

$47,500

$2,375.00

31-60 days past due

$21,750

10%

$2,175.00

61-90 days past due

$11,250

20%

$2,250.00

91-180 days past due

$5,065

30%

$1,519.50

181-365days past due

$2,500

50%

$1,250.00

Over 365 days past due

$1,145

95%

$1,087.75

Total

$939,210

$40,407.25