Reference no: EM13939054
AGING METHOD BAD DEBT EXPENSE
Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the follow- ing aging schedule for Cayce's accounts receivable:
Accounts
Receivable Category Amount
Proportion Expected to Default
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0-20 days
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$ 88,200
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0.02
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21-40 days
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21,500
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0.08
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41-60 days
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11,700
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0.15
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Over 60 days
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5,300
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0.30
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|
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$126,700
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Cindy indicates that the $126,700 of accounts receivable identified in the table does not include $8,900 of receivables that should be written off.
Required:
1. Journalize the $8,900 write-off.
2. Determine the desired postadjustment balance in allowance for doubtful accounts.
3. If the balance in allowance for doubtful accounts before the $8,900 write-off was a debit of $450, compute bad debt expense.
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