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Question - A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following:
Account Age
Balance
Estimated Uncollectible Percentage
Current (not yet due)
$155,000
0.5%
1-30 days past due
67,500
2.0%
30-60 days past due
36,250
8.0%
61-90 days past due
13,750
20.0%
90-120 days past due
8,000
50.0%
Over 120 days past due
4,500
70.0%
Total
$285,000
Required:
a. Calculate the amount of the Allowance for Doubtful Accounts that should be reported on the current year-end balance sheet.
b. Calculate the amount of the Bad Debts Expense that should be reported on the current year s income statement, assuming that the balance of the Allowance for Doubtful Accounts on January 1 of the current year was $20,500 and that accounts receivable written off during the current year totaled $21,600.
c. Prepare the adjusting entry to record bad debts expense on December 31 of the current year.
d. Show how Accounts Receivable will appear on the current year-end balance sheet as of December 31.
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