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Determine the amount estimated to be uncollectible

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A partially completed aging of receivables schedule for Lindy Designs' is shown below. Calculate the amount that is estimated to be uncollectible.

Age Interval: Balance: Percentage: Amount:
Not past due 550,000 2.50%
1~30 days past due: 96,500 4.00%
31~60 days past due: 43,750 9.50%
61~90 days past due: 22,250 16.00%
91~180 days past due: 5,600 31.00%
181~365 days past due: 3,100 60.00%
Over 365 days past due: 1,250 95.00%
Total: 722,450

Required:

(a) Determine the amount estimated to be uncollectible by completing the aging of receivables schedule.
(b) If the Allowance for Doubtful Accounts has a credit balance of $9,700, record the adjusting entry for the bad debt expense for the year.
(c) If the Allowance for Doubtful Accounts has a debit balance of $9,700, record the adjusting entry for the bad debt expense for the year.

 

Reference no: EM131761903

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