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Calculate the amount of the allowance for doubtful accounts

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Reference no: EM132467751

Question 1 - Blackstock Company has a weekly payroll of $18,375 and grants two weeks' vacation after one year's employment, which amounts to 4% of annual pay. Based on past turnover rates. the employer estimates that 80 percent of employees actually will be granted vacation time. Prepare a general journal entry to record the estimated vacation pay resulting from the weekly payroll.

Question 2 - Fife, Inc. has the following account balances at December 31, 2005: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end:

Account Age

Age Group Balance

Estimated Uncollectible Percentage

Current

$96,000

2.0

1-30 days past due

64,000

5.0

31-60 days past due

16,000

15.0

61-90 days past due

6,400

35.0

Over 90 days past due

3,200

45.0

Required -

(1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 20X5, balance sheet.

(2) Prepare the journal entry to record 20X5 bad debts expense.

Reference no: EM132467751

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