90.2K

Verified Solution

Link Copied!

Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{6}{|c|}{ Days Past Due } \\ \hline & Total & 0 & 1 to 30 & 31 to 60 & 61 to 90 & Over 90 \\ \hline Accounts receivable & $115,200 & $80,000 & $18,000 & $7,200 & $4,000 & $6,000 \\ \hline Percent uncollectible & & 1% & 3% & 5% & 8% & 11% \\ \hline & & & & & & \\ \hline Required: & & & & +1 & & \\ \hline & he Allowance fo & btful Account & sing the aging o & accounts & & \\ \hline receivable method. & & & & & & \\ \hline & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in \\ the Allowance for Doubtful Accounts is a $1,000 credit. \end{tabular}}} & & \\ \hline & & & & & $1,000 & Credit \\ \hline & & & & & & \\ \hline Date & General & & Debit & Credit & & \\ \hline December 31 & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{6}{|c|}{ Days Past Due } \\ \hline & Total & 0 & 1 to 30 & 31 to 60 & 61 to 90 & Over 90 \\ \hline Accounts receivable & $115,200 & $80,000 & $18,000 & $7,200 & $4,000 & $6,000 \\ \hline Percent uncollectible & & 1% & 3% & 5% & 8% & 11% \\ \hline & & & & & & \\ \hline Required: & & & & +1 & & \\ \hline & he Allowance fo & btful Account & sing the aging o & accounts & & \\ \hline receivable method. & & & & & & \\ \hline & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{5}{|c|}{\begin{tabular}{l} 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in \\ the Allowance for Doubtful Accounts is a $1,000 credit. \end{tabular}}} & & \\ \hline & & & & & $1,000 & Credit \\ \hline & & & & & & \\ \hline Date & General & & Debit & Credit & & \\ \hline December 31 & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert

See Answer