None In-Class Question 5Presented below is an aging schedule for Bosworth Company.CustomerTotalNot YetDueNumber of Days Past Due0-30Aneesh$24,000$9,00031-60$15,00061-90Over 90Bird$30,000$30,000Cope$50,000$5,000 $5,000$40,000DeSpears$38,000$38,000Others$120.000$262.000$72.000$107,000$13,000$35.000$28,000$49.000$40,000 $38.000Estimatedpercentage3%7%12%24%60%uncollectibleTotalestimated bad$42.400$3.210$3.430$3,360$9,600$22,800debtsAt December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000.(a) Journalize the adjusting entry for bad debts at December 31, 2021.(b) Journalize these 2022 events and transactions:March 1, a $600 customer balance originating in 2019 is judged uncollectible.May 1, a check for $600 is received from the customer whose account was written off asuncollectible on March 1.(c) Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjustedbalance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates thattotal estimated bad debts will be $36,700.

Bosworth Company: Bad Debt Adjustments(a) Adjusting Entry for Bad Debts (December 31, 2021):Since…

Answered: In-Class Question 5 Presented below is…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter15: Managing Short-term Assets

Section: Chapter Questions

Problem 8PROB

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