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Question - Big Rock Brewery uses an aging of accounts receivable to estimate uncollectibles. For the 2014 year credit sales were $500,000. Accounts receivable had a balance of $48,250, while the allowance for doubtful accounts had a credit balance of $4,375. Complete the following schedule and prepare the journal entry to estimate uncollectibles.
0-30 Days
31-60 Days
61-90 Days
Over 90 Days
Total
Amount of Receivable
18,000
12,000
10,250
8,000
48,250
Percent Uncollectible
1%
5%
20%
30%
Amount Uncollectible
180
600
2,050
2,400
Required -
1. Calculate the amount of the Allowance for Doubtful Accounts.
2. Prepare the journal entry to record 2014 bad debts expense.
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