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Problem - AGING ACCOUNTS RECEIVABLE
An analysis of the accounts receivable of ABC Company as of April 30, 2019, reveals the following:
Age Interval
Balance
Estimated % Of Uncollectible
Estimated Amount Uncollectible
Not yet due
$70,500
3%
$
1-30 days past due
7,400
6%
31-60 days past due
3,650
10%
61-90 days past due
1,650
35%
91-180 days past due
1,200
45%
181-365 days past due
750
60%
Over 365 days past due
450
75%
TOTAL
$85,600
REQUIRED -
1. Complete the above table.
2. Assuming that Allowance for Bad Debts had a credit balance of $850 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for the bad debt expense.
3. Assuming that Allowance for Bad Debts had a debit balance of $436 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for the bad debt expense.
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