Reference no: EM132995838
Question - Fife, Inc. has the following account balances at December 31, 202X: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end:
Estimated Age Group Uncollectible Account Age Balance Percentage
Current $96,000 2.0
1-30 days past due 64,000 5.0
31-60 days past due 16,000 15.0
61-90 days past due 6,400 35.0
Over 90 days past due 3,200 45.0
Required -
(1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 202X, balance sheet.
(2) Prepare the journal entry to record 202X bad debts expense.
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