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Question - Keaubie Company has receivables totaling $433,000. They use an Aging of Receivables Report to estimate what will be uncollectible. In addition to receivables, they have the following current assets: Cash $1,000,000; Merchandise Inventory: $350,000; Prepaid Insurance: $3000; Supplies: $5000.
a. Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction.
b. Prepare a Current Assets section of a balance sheet and prepare the entryr to record the estimated uncollectible accounts
Aging of Receivables Report
Amount of Receivables
$185,000
$98,500
$67,000
$60,000
$22,000
Days Owed
0-30
31-60
61-90
91-120
Over 120
Percent Uncollectible
1.8%
6.5%
11%
29%
51%
Amount Uncollectible
Total Estimated Uncollectible
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