At the end of 2011 geisel inc has a 1700 debit balance in

Reference no: EM13483312

At the end of 2011, Geisel, Inc has a $1,700 debit balance in the Allowance for Doubtful Accounts, before adjusting entries were prepared. Credit sales for 2011 totaled $517,000. Sales returns for 2011 were $17,000. Credit Sales for 2010 were $627,000. Sales returns for 2010 were $11,000. The following aging analysis of Accounts Receivable was prepared at 12/31/11: Age Classification $ Amount Estimated % Uncollectible Current/not yet due 118,000 3 % 1-30 days past due 19,000 4 % 31-60 days past due 6,000 6 % 61-90 days past due 9,000 14 % over 90 days past due 11,000 34 % Total $ 163,000 (a) Prepare the adjusting entry using the aging analysis approach to estimate bad debts.General Journal Debit Credit (b) Calculate the accounts receivable turnover ratio and the days to collect for 2010 and 2011. The net receivables balance reported on the company's 12/31/09 financial statements was $112,000. The net receivables balance reported on the 12/31/10 financial statements was $123,000.2011 2010 Accounts receivable turnover ratio Days to collect

Reference no: EM13483312

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