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Cutthroat Company supplies flies and fishing gear to sporting goods stores and out¬fitters throughout the western United States. The accounts receivable clerk for Cutthroat prepared the following partially completed aging-of-receivables schedule as of the end of business on December 31, 2009:
Cutthroat Company has a past history of uncollectible accounts by age category, as follows:
Instruction
1. Determine the number of days past due for each of the preceding accounts.
2. Complete the aging-of-receivables schedule.
3. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule.
4. Assume that the allowance for doubtful accounts for Cutthroat Company has a debit balance of $1,370 before adjustment on December 31, 2009. Journalize the adjusting entry for uncollectible accounts.
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