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Find what will be dollar balances in allowance for doubtful

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Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of:

Dollar Value              Age of Account             Estimated Collectible

$300,000                   < 30 days old                       98.5%

80,000                    30 to 60 days old               90.0%

20,000                    61 to 120 days old              75.0%

5,000               > 120 days old                      16.0%

Problem 1: The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.

Reference no: EM132790844

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