Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 328,000 65,600 32,800 13,120 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.20% 1.95 6.45 32.50 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden
prepares a schedule of its December 31 accounts receivable by age.
Expected Percent
Uncollectible
1.20%
Accounts Receivable
$ 820,000
328,000
65,600
32,800
13, 120
Age of
Accounts Receivable
Not yet due
1 to 30 days past due
31 to 60 days past due
61 to 90 days past due
Over 90 days past due
1.95
6.45
32.50
67.00
2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent.
Do not round intermediate calculations.)
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Uncollectible 1.20% Accounts Receivable $ 820,000 328,000 65,600 32,800 13, 120 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 1.95 6.45 32.50 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.)
View transaction list
Journal entry worksheet
1
Record the estimated bad debts.
Note: Enter debits before credits.
Date
Dec 31
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
Transcribed Image Text:View transaction list Journal entry worksheet 1 Record the estimated bad debts. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal >
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