FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Use the following information for the Exercises 14-15 below. (Algo)
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Daley Company prepared the following aging of receivables analysis at December 31.
Days Past Due
Total
1 to 30
31 to 60
Accounts receivable $ 580,000 $398,000
Percent uncollectible
3%
0
61 to 90 Over 90
$92,000 $ 38,000 $ 20,000 $ 32,000
4% 7% 9% 12%
Exercise 7-14 (Algo) Aging of receivables method LO P3
1. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.
2. 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
$3,800 credit.
3. 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
$300 debit.
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Transcribed Image Text:Use the following information for the Exercises 14-15 below. (Algo) Skip to question [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 1 to 30 31 to 60 Accounts receivable $ 580,000 $398,000 Percent uncollectible 3% 0 61 to 90 Over 90 $92,000 $ 38,000 $ 20,000 $ 32,000 4% 7% 9% 12% Exercise 7-14 (Algo) Aging of receivables method LO P3 1. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 2. 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 $3,800 credit. 3. 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 $300 debit.
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