FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. Write the
adjusting entry for the end of the current year.
|
|
Est Uncollectible Accts |
||
|
Age Interval: |
Balance: |
Percentage: |
Amount: |
|
Not past due |
850,000 |
3.50% |
|
|
1~30 days past due: |
47,500 |
5.00% |
|
|
31~60 days past due: |
21,750 |
10.00% |
|
|
61~90 days past due: |
11,250 |
20.00% |
|
|
91~180 days past due: |
5,065 |
30.00% |
|
|
181~365 days past due: |
2,500 |
50.00% |
|
|
Over 365 days past due: |
1,145 |
95.00% |
|
|
Total: |
939,210 |
|
|
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