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Required information[The following information applies to the questions displayed below]Daley Company prepared the following aging of receivables analysis at December 31.Days Past DueTotal$570,000Over 90$30,00010%1 to 3031 to 6061 to 90Accounts receivable$396,0001%$90,0002 %$36,000$18,000Percent uncollectible5%7%a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $3,600 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $100 debit.Complete this question by entering your answers in the tabs below. Req B and CReq AComplete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.AccountsPercentuncollectible (%)receivableNot due:X1 to 30:X31 to 60:X61 to 90:XOver 90:XEstimated balance of allowance for uncollectibles

Question
Required information
[The following information applies to the questions displayed below]
Daley Company prepared the following aging of receivables analysis at December 31.
Days Past Due
Total
$570,000
Over 90
$30,000
10%
1 to 30
31 to 60
61 to 90
Accounts receivable
$396,000
1%
$90,000
2 %
$36,000
$18,000
Percent uncollectible
5%
7%
a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the
Allowance for Doubtful Accounts is a $3,600 credit.
c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the
Allowance for Doubtful Accounts is a $100 debit.
Complete this question by entering your answers in the tabs below.
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Required information [The following information applies to the questions displayed below] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $570,000 Over 90 $30,000 10% 1 to 30 31 to 60 61 to 90 Accounts receivable $396,000 1% $90,000 2 % $36,000 $18,000 Percent uncollectible 5% 7% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. Complete this question by entering your answers in the tabs below.

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Req B and C
Req A
Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
Accounts
Percent
uncollectible (%)
receivable
Not due:
X
1 to 30:
X
31 to 60:
X
61 to 90:
X
Over 90:
X
Estimated balance of allowance for uncollectibles
<Req A
Req B and C>
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Req B and C Req A Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Accounts Percent uncollectible (%) receivable Not due: X 1 to 30: X 31 to 60: X 61 to 90: X Over 90: X Estimated balance of allowance for uncollectibles <Req A Req B and C>

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check_circleAnswer
Step 1

a. Compute estimated balance of allowance for doubtful accounts using aging of accounts receivable method as shown below:

Accounts
Percent
uncollectible (%)
1%
2%
5%
7%
10%
receivable
$3,960
$1,800
$1,800
Not Due
1 to 30
31 to 60
61 to 90
Over 90
$396,000
$90,000 x
$36,000 x
$18,000x
x
$1,260
S30,000
Estimated balance of allowance for uncollectible
$3,000
$11,820
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Accounts Percent uncollectible (%) 1% 2% 5% 7% 10% receivable $3,960 $1,800 $1,800 Not Due 1 to 30 31 to 60 61 to 90 Over 90 $396,000 $90,000 x $36,000 x $18,000x x $1,260 S30,000 Estimated balance of allowance for uncollectible $3,000 $11,820

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Step 2

b. Record the adjusting entry for bad debt expense using estimated unadjusted balance for allowance for uncollectible account as shown below:

Allowance for doubtful accounts show a credit balanc...

Post
Ref. Debit (S) Credit (S)
Accounts title and explanation
Date
31-Dec Bad debt expense (S11,820-$3,600)
$8,220
S8,220
Allowance for doubtful accounts
(To record adjusting entry for bad
debt)
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Post Ref. Debit (S) Credit (S) Accounts title and explanation Date 31-Dec Bad debt expense (S11,820-$3,600) $8,220 S8,220 Allowance for doubtful accounts (To record adjusting entry for bad debt)

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