Solution-Discuss what amount of bad debts expense will

Discuss what amount of bad debts expense will lafond report

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Reference no: EM131763791

Estimating Uncollectible Accounts and Reporting Accounts Receivable

LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible.

0-30 days past due	$ 90,000	1%
31-60 days past due	20,000	2
61-120 days past due	11,000	5
121-180	6,000	10
Over 180 days past due	4,000	25
Total accounts receivable	$ 131,000

The unused balance of the allowance for uncollectible accounts on December 31, before any adjustments, is $520.

(a) What amount of bad debts expense will LaFond report in its income statement for the year?

(b) Use the financial statement effects template to record LaFond's bad debts expense for the year.

Reference no: EM131763791

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Discuss what amount of bad debts expense will lafond report

Reference no: EM131763791

Reference no: EM131763791

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