Use the following information for the Exercises 14-15 below. (Algo) Skip to question ...
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Accounting
Use the following information for the Exercises 14-15 below. (Algo)
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[The following information applies to the questions displayed below.]
Daley Company prepared the following aging of receivables analysis at December 31.
Total
Days Past Due
0
1 to 30
31 to 60
61 to 90
Over 90
Accounts receivable
$ 580,000
$ 398,000
$ 92,000
$ 38,000
$ 20,000
$ 32,000
Percent uncollectible
3%
4%
7%
9%
12%
Exercise 7-14 (Algo) Aging of receivables method LO P3
Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.
Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,800 credit.
Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $300 debit.
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