Reference no: EM132430312
Question - M&M Inc. has a problem with accounts receivables reaching a very high dollar amount. You assignment is determine bad debt expense that must be posted at 12/31/2019. Total account receivables for 2019 is $1,000,000.
The head of the AR department for M&M Inc. provides an aging analysis worksheet below.
Accounts Receivable 0-60 days $250,000
Accounts Receivable 61-90 days $175,000
Accounts Receivable 91-120 days $375,000
Accounts Receivable 121-180 days $125,000
Accounts Receivable Over 180 days $75,000
In previous years, M&M Inc. had use various percentages to describe the risk associated with old accounts. This year the company selected the following percentages {2%; 5%; 15%; 20; and finally 25%}.
If the company had, a zero balance in the allowance account then what would the bad debt expense entry be for the year 2019?
If the company had a $1,200 credit balance in the allowance account, then what would be the expense entry for the year 2019?
If the company had a $5,000 debit balance in the allowance account then what would be the expense entry for the year 2019?
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