Calculate the total estimated uncollectibles based on the below information.         Number of Days Outstanding     Total   0–30   31–60   61–90   91–120   Over 120 Accounts receivable   $400,900   $227,000   $95,800   $38,700   $22,900   $16,500 % uncollectible       1%   4%   5%   8%   10% Estimated uncollectibles   $enter the total estimated bad debts amount in dollars    $enter the estimated bad debts amount in dollars    $enter the estimated bad debts amount in dollars    $enter the estimated bad debts amount in dollars    $enter the estimated bad debts amount in dollars    $enter the estimated bad debts amount in dollars

A recent report for UPS contained the following data: (in thousands) Accounts receivable Less: Allowance for bad debts Net accounts receivable Bad debt expense Current year $1,034,608 36,800 $ 997,808 $55,147 Previous year $ 805,495 38,225 S 767,270 $31,388 Required: 1. Prepare the journal entry for the amount of accounts receivable that were actually written off during the current year. 2. Prepare the journal entry to record the bad debt expense for the current year 3. What is the purpose of the account "Allowance for doubtful accounts"? Although the normal balance of this account is a credit balance, it sometimes has a debit balance. Briefly explain how this can happen.

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Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible 0 1 to 30 1% 3% Days Past Due 31 to 60 5% 61 to 90 8% Over 90 12% Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $ 4,500 13 1,500 0 5,500 116 750 2,500 70 37 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $150, record the required adjustment to the Allowance for Doubtful Accounts.

Uncollectible Accounts-Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $30,000. Credit sales for the year were $355,200. Required: Make the necessary adjusting entry in general journal form under each of the following assumptions. Show the calculation for net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $330. a. The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 88 Bad Debt Expense V 2 Allowance for Doubtful Accounts - 2. 3 Feedback Accounts receivable, December 31, 20-- Less allowance for doubtful accounts Net realizable value Feedback b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $6,950 in uncollectible accounts. Page: DOC. POST. NO. REF. DATE ACCOUNT…

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Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $16700. If the balance of the Allowance for Doubtful Accounts is $2070 credit before adjustment, what is the amount of bad debt expense for that period?     $16700   $2070   $14630   $18770

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