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nit: 1:15:00 Time Left:0:49:28 Amber Evraets: Attempt 1 2 3 Question 8 (4 points) 5...

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Accounting

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nit: 1:15:00 Time Left:0:49:28 Amber Evraets: Attempt 1 2 3 Question 8 (4 points) 5 6 Kiley Company had a $600 credit balance in Allowance for Doubtful Accounts at December 31, 2013, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: I 8 9 Estimated Percentage Uncollectible 1% 3% Estimated Uncollectible Amount $120,000 12,000 11 12 10,000 6% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable 5,000 12% 8,000 30% $155,000 Instructions (c) Assume that the company has a policy of providing for bad debts at the rate of 1% of Sales, that Sales for 2013 were $400,000, and that Allowance for Doubtful Accounts had a $550 credit balance before adjustment Show calculations below. Prepare the adjusting entry for the current year's provision for bad debts below. Indent the credit account title. A Question 9 (18 points)

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