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Jesse Ltd had a $300 credit balance in allowance for a doubtful accounts at december 31,2019,before the current year's provision for uncollectible accounts.An aging of the accounts receivable shows the following:
Estimated Percentage
Uncollectible current accounts $170,000 1%1-30 days past due 15,000 3%31-60 days past due 12,000 6%61-90 days past due 5,000 15%Overy 90 days past due 9,000 30%Total accounts recievable 211,000 30%
Required:
Question a) Prepare the adjusting entry on december 31,2017, to recognize bad debts expense
Question B) Assume the same facts as above except that Allowance for doubtful accounts had a $300 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts.
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