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uranmaximum [27]
3 years ago
14

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a sche

dule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 840,000 Not yet due 1.35 % 336,000 1 to 30 days past due 2.10 67,200 31 to 60 days past due 6.60 33,600 61 to 90 days past due 33.25 13,440 Over 90 days past due 69.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31.
Business
1 answer:
Zielflug [23.3K]3 years ago
5 0

Answer:

Allowance for Doubtful Accounts<u> $ 28776.8</u>

Explanation:

Jarden Co

December 31, Jarden Co.'s Allowance for Doubtful Accounts  $14,500 Cr

               Accounts          Age of  A/R              Expected    Uncollectible

               Receivable                                           Percent  

                   $ 840,000               Not yet due            1.35 %      11340

                    336,000       1 to 30 days past due        2.10         7056

                    67,200          31 to 60 days past due     6.60        4435.2

                   33,600           61 to 90 days past due     33.25      11172

                <u>  13,440            Over 90 days past due        69.00    9273.6</u>

Total      <u>                                                                                     43276.8</u>

Un adjusted Balance  $14,500 Cr

<u>Estimated Balance    $43276.8 Cr</u>

<u>Required Adjustment  $ 28776.8</u>

This yields the following entry

Bad Debts $ 28776.8 Dr

Allowance for Doubtful Accounts $ 28776.8 Cr

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