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11. A company has the following unadjusted account balances at December 31, of the current...

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Accounting

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11. A company has the following unadjusted account balances at December 31, of the current year; Accounts Receivable of $185,700 and Allowance for Doubtful Accounts of $1,600 (credit balance). The company uses the aging of accounts receivable to estimate its bad debts. The following aging schedule reflects its accounts receivable at the current year-end: Estimated Uncollectible Account Age Current (not yet due). 1-30 days past due Balance Percentage 1.0% 61-90 days past du... Over 90 days past due .. Total 64,000 3.5 16,000 12.0 6,500 42.0 3.20067.0 $185,700 a) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, of the current year, balance sheet. Three (3) points Est Uncollectible Est Balance of Uncollectible Account Age Balance Amount Current (not yet due 96,000 1-30 days past due 64,000 3.5% 31-60 days past due S 16,000 12% 61-90 past due Over 90 days past due S 6,500 $ 3,200 $ 185,700 67% Total b) Prepare the adjusting journal entry to record bad debts expense for the current year. Two (2) points Date Account Titles and Explanation Debit Credit

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