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  3. g of the current year an aging analysis of acc

g of the current year an aging analysis of accounts receivable...

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Accounting

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of the current year an aging analysis of accounts receivable revealed the following: 2. A company uses the aging of accounts receivable method to estimate its bad debts expense. On December 31 Accounts Estimated Receivable Account Ags Uncollectible S 620,000 Noi due yet 0.5% 270.000 1-30 days overdue 20 145,000 31-60 days overdue 80 55,000 61-90 days overdue 20.0 32,000 91-120 days overdue 500 18.000 Over 120 days overdue 70.0 $1,140,000 Total Required: a. Calculate the amount of the Allowance for Doubtful Accounts that should be reported on the current year-end balance sheet. b. Calculate the amount of the Bad Debts Expense that should be reported on the current year's income statement, assuming that the balance of the Allowance for Doubtful Accounts on January 1 of the current year was $44,000 and that accounts receivable written off during the current year totaled $49,200. c. Prepare the adjusting journal entry to record bad debts expense on December 31 of the current year. d. Show how Accounts Receivable will appear on the current year-end balance sheet as of December 31

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