Estimating uncollectible accounts and reporting accounts

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Reference no: EM13589197

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. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $80,000 1% 31-60 days past due $20,000 2 61-120 days past due $14,000 5 121-180 days past due $6,000 10Over 180 days past due $4,000 25 Total accounts receivable $ 124,000 The unused balance of the allowance for uncollectible accounts is $450 on December 31, before any adjustments.

(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.Balance Sheet Transaction Record bad debt expense Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital Income Statement Revenue - Expenses = Net Income

Reference no: EM13589197

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