Prepare all journal entries

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Question - A summary of Klugman Company's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:

Age Group Amount %

0-60 days $58,000 0.5

61-90 days 21,000 1.0

91-120 days 2,800 10.0

Over 120 days 1,000 50.0

The allowance for uncollectible accounts had a balance of $1,380 on January 1, 2021. During the year, bad debts of $730 were written off.

Required - Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM133002395

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