Reference no: EM132612041
Problem - 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
$285,000 / < 30 days old / 98.0%
65,000 / 30 to 60 days old / 91.5%
20,000 / 61 to 120 days old / 71.0%
11,000 / > 120 days old / 18.0%
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.
Required - After the adjusting entry is made, find what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.
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