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valentina_108 [34]
3 years ago
8

b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the

Allowance for Doubtful Accounts is a $5,400 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,900 debit.
Business
1 answer:
inessss [21]3 years ago
8 0

Question Completion:

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.

                                                        Days Past Due  

                          Total          0          1 to 30       31 to 60   61 to 90  Over 90

Accounts

receivable  $570,000 $396,000  $90,000  $36,000   $18,000  $30,000  

Percent uncollectible          1%             2%             5%             7%           10%  

a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.

Answer:

Daley Company

a. The estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method is:

= $11,820.

b. Adjusting Journal Entry:

Debit Bad debts expense $6,420

Credit Allowance for Doubtful Accounts $6,420

To record bad debts expense and bring Allowance balance to $11,820.                      

c. Adjusting Journal Entry:

Debit Bad debts expense $13,720

Credit Allowance for Doubtful Accounts $13,720

To record bad debts expense and bring Allowance balance to $11,820.  

Explanation:

a) Data and Calculations:

Ageing of Accounts Receivable:

                                                        Days Past Due  

                          Total          0          1 to 30       31 to 60   61 to 90  Over 90

Accounts

receivable  $570,000 $396,000  $90,000  $36,000   $18,000  $30,000  

Percent uncollectible          1%             2%             5%             7%           10%

Allowance      $11,820     $3,960      $1,800     $1,800      $1,260    $3,000

Bad Debts Expense:

Allowance for Doubtful Accounts:

                                         b.                                 c.

Unadjusted balance $5,400 credit              $1,900 debit

Adjusted balance       11,820 credit               11,820 credit

Bad debts expense $6,420                       $13,720

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