I need help.thanks I also posted the templates for the assignment. tia . adjust...
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Accounting
I need help.thanks I also posted the templates for the assignment. tia
. adjust the allowance for doubtful accounts P6-7 Aging Accounts Receivable On September 30, 2016 (the end of its fiscal year), Lufkin Corporation reported LO6.4 accounts receivable of $331,750 and an allowance for doubtful accounts of $16,700. During fiscal 2017, the fol- LO 6.5 lowing transactions occurred Credit sales (terms, n/EOM Collections on accounts receivable Accounts receivable written off $2,017,800 1,956,000 16,200 On September 30, 2017, an aging of the accounts receivable balance indicated the following: Age Amount Under 30 days 30-90 days 91-180 days 181-360 days Over 360 days $169,250 100,000 55,900 38,200 14,000 $377,350 Estimated Percentage Uncollectible 0.8% 1.6 5.0 15.0 40.0 Required: e the journal entries necessary to record the credit sales, collections on account, write-off of accounts re- 1. Prepar ceivable, and bad debts expense for Lufkin for fiscal 2017. (continued)
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