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https //new connect.mheducation.com now connect.html?isRege true&returnUrl; = https%3A%2F%2F connect.m Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared t receivables analysis. Days Past Due Total Accounts receivable Percent uncollectible 570,800$396,000 $90,00 36,000 18,000 $30,888 2% 1% 5% 7% 10% a. On February 1 of the next period, the company determined that $6,800 in customer accounts was unco for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those two accounts b. On June 5 of that next period, the company unexpectedly received a $900 payment on a customer ac had previously been written off in part a. Prepare the entries necessary to reinstate the account and to re Journal entry worksheet

Explanation / Answer

1 Age of accounts % uncollectible Uncollectible amount Current 396000 1% 3960 1-30 days 90000 2% 1800 31-60 days 36000 5% 1800 61-90 days 18000 7% 1260 over 90 days 30000 10% 3000 570000 11820 Total estimated uncollectible 11820 2 Total estimated uncollectible 11820 Less Beginnning uncollectible balance -3600 Bad debt expense 8220 Adjusting entry Bad debt expense 8220             Allowance for uncollectible accounts 8220 3 Total estimated uncollectible 11820 Add Beginnning uncollectible balance 100 Bad debt expense 11920 Adjusting entry Bad debt expense 11920             Allowance for uncollectible accounts 11920

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