Solution-Prepare an aging of accounts receivable at December

Prepare an aging of accounts receivable at December

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Reference no: EM132251274

Question - The accounts receivable listing of Housing Company shows the following on December 31, 2018.

The general ledger showed a $450 credit balance in Allowance for doubtful accounts before adjustment.

Name of customer	Invoice date	Amount
Seals Inc.	December 4, 2018	$750
Screen Corporation	August 11, 2018	425
Screen Corporation	December 11, 2018	475
Beal Inc.	December 14, 2018	200
Apes Inc.	September 16, 2018	505
Apes Inc.	July 4, 2018	875
Window Inc.	March 3, 2018	625
Trail Corporation	November 14, 2018	825
Spokes Inc.	November 20, 2018	325
Winter Corporation	October 19, 2018	700

Required -

1. Prepare an aging of accounts receivable at December 31, 2018.

2. Compute estimated loss based on the following:

Age (days)	Estimated Loss Percentage
1-30	1%
31-60	2%
61-90	5%
91-120	10%
121-150	25%
Over 150	50%

3. Prepare journal entry to record the bad debt expense for the year.

Reference no: EM132251274

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Prepare an aging of accounts receivable at December

Reference no: EM132251274

Reference no: EM132251274

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