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What will be the dollar balances in the accounts receivable

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Question - Freemont Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:

Dollar Value

Dollar Value Age of Account

Estimated Collectible

$115,000

< 30 days old

98%

$65,000

30 to 60 days old

85%

$20,000

61 to 120 days old

75%

$5,000

> 120 days old

10%

The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:

1. Accounts Receivable.

2. Allowance for Doubtful Accounts.

3. Bad Debt Expense.

Reference no: EM132445889

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