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QUESTION: Alpha Company uses aging of Accounts Receivable to estimate uncollectible. The unadjusted Trial Balance amount of Accounts Receivable on December 31, 2016, has a balance that consists of:
Days outstanding
Amount
Estimated Uncollectible
0 - 60
$300,000
1%
61 - 120
90,000
2%
Over 120
100,000
6%
Total
$490,000
Activity during Fiscal Year 2016, for Alpha Company consisted of:
July 15 Alpha wrote of the Bravo Zulu Company account as not collectable for the amount of $8,500.
Oct. 20 Alpha company recovered $5,500 from the Charlie Delta Company for settlement of their prior debt that had been off during FY 2015.
Alpha Company's December 31, 2015 allowance for uncollectible accounts was $2,700/ Under the aging method, what amounts should Alpha Company report at December 31, 2016 for:
1. Allowance for Uncollectible Accounts
2. Bad Debt Expense
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