Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at 1-1-06, the allowance for uncollectible account

At 1-1-06, the allowance for uncollectible Accounts for Jambo Ltd. Had a credit balance of...

70.2K

Verified Solution

Question

Accounting

  1. At 1-1-06, the allowance for uncollectible Accounts for Jambo Ltd. Had a credit balance of Shs.30,000 and at 31-12-05, the Accounts Receivable amounted to Shs.850,000

Age of debts Amount Estimated of collectible

Shs.

0 - 30 days 380,000 99%

31 - 60 days 300,000 95%

61 - 90 days 100,000 90%

91 - 120 days 50,000 80%

Over 120 days 20,000 75%

REQUIRED

  1. Calculate the allowance for uncollectible accounts required at 31-12-06

  1. Show the adjusting entry necessary at 31-12-06

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students