9) Bonita Company estimates uncollectible accounts using the allowance method at

Q: 9) Bonita Company estimates uncollectible accounts using the allowance method at

a. b. c. Age group (in days) Amount Uncollectible % Uncollectible allowance a b c=a*b Current 68000 1% 680 1-30 17000 2% 340 31-60 10000 5% 500 61-90 8000 8.00% 640 over 90 7000 13% 910 Total allowance closing balance 2050

ID: 2575082 • Letter: 9

Question

9) Bonita Company estimates uncollectible accounts using the allowance method at December 31 prepared the following aging of receivables analysis Davs Past ue Total Current1 to 30 31 to 6061 to 90 Over 90 Accounts receivable! S110.000 68.0 17,0 10,000 Percent uncollectible 8,000 8% 7,000 130 0 1% 0 a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method the unadjusted balance in the Allowance for Doubtful Accounts is a S550 credit. the unadjusted balance in the Allowance for Doubtful Accounts is a S300 debit. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a Assume c. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a Assume

Explanation / Answer

Age group (in days) Amount Uncollectible % Uncollectible allowance a b c=a*b Current 68000 1% 680 1-30 17000 2% 340 31-60 10000 5% 500 61-90 8000 8.00% 640 over 90 7000 13% 910 Total allowance closing balance 2050

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9) Bonita Company estimates uncollectible accounts using the allowance method at

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