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Credit Losses Based on Accounts Receivable At December 31, Schuler Company had a balance of...

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Credit Losses Based on Accounts Receivable At December 31, Schuler Company had a balance of $385,600 in its Accounts Receivable account ond a credit balance of. $4,200 ribthe Allowance for Doubtful Accounts account. The accounts receivable T-iccount corsisted of $392,000 in debit balances and 55,400 in credt balances. The company aged its accounts as follows: In the past, the company has experienced credit fosses as follows: 1% of current balances, 5% of balances 0.60 days past due, 15% of balances 51.180 days past due, and 40% of balances over six months past due. The company bases its allowance for doubtful accounts on an aging analysis of accounts receivable. Required a. Prepare the adjusting entry to record the aliowarice for doubtful accounts for the year. b. Show how Accounts Recelvable (including the credit balances) and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. a. b

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