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Question - Presented below is an aging schedule for Lawrenz Company:
Number of Days Past Due
Customer:
Not yet due:
1 ~ 30
31 ~ 60
61 ~ 90
Over 90
Total:
Akers
$9,000
$11,000
$20,000
Baietto
$30,000
Comer
15,000
5,000
$50,000
DeJong
$38,000
Others
92,000
13,000
6,000
$126,000
$137,000
$29,000
$24,000
$44,000
$264,000
Estimated % Uncollectible
2%
5%
10%
24%
50%
Total Est. Bad Debts
?
At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is credit of $10,000.
Instructions:
(a) Complete the aging schedule above.
(b) Determine the adjustment for bad debt expense to the allowance account on 12/31/14.
(c) Determine the balance in the allowance account as of 12/31/14.
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