PercentUncollectibleAge ClassBalanceNot past due1-30 days past due31-60 days past due61-90 days past due91-180 days past dueOver 180 days past due$ 892,0004%285,0001101,0008.63,0001643,1005017,70080$1,401,800a.Estimate what the total balance of the allowance for doubtful accounts should be as ofDecember 31.b. Journalize the adjusting entry for uncollectible accounts as of December 31.

Age class Balance (A) Percent Uncollectable (B) Doubtful Debt (A*B) Not past due…

Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Balance Uncollectible $ 892,000 285,000 4% 1. 101,000 63,000 43,100 8. 16 50 17,700 80 $1,401,800 a. Estimate what the total balance of the allowance for doubtful accounts should be as of December 31. b. Journalize the adjusting entry for uncollectible accounts as of December 31.

Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due Over 180 days past due Balance Uncollectible $ 892,000 285,000 4% 1. 101,000 63,000 43,100 8. 16 50 17,700 80 $1,401,800 a. Estimate what the total balance of the allowance for doubtful accounts should be as of December 31. b. Journalize the adjusting entry for uncollectible accounts as of December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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