Reference no: EM132485005
The accounts receivable listing of Coast Inc. shows the following on December 31, 2019.The general ledger showed a $250 credit balance in Allowance for Doubtful Accounts before adjustment
Name of customer Invoice date Amount
Cycles Inc. March 5, 2019 $950
First Corporation August 12, 2019 500
First Corporation December 10, 2019 550
Garron Inc. December 15, 2019 200
Heartwell Inc. August 15, 2019 480
Heartwell Inc. July 5, 2019 915
Leash Inc. May 5, 2019 575
Sign Corporation December 15, 2019 825
Spares Inc. November 18, 2019 325
Summer Corporation October 10, 2019 650
Required:
Question 1. Prepare an aging of accounts receivable at December 31, 2019
Question 2. Compute estimated loss based on the following:
Age (days) Estimated Loss Percentage
1-30 1%
31-60 2%
61-90 4%
91-120 10%
121-150 25%
Over 150 50%
Question 3. Prepare journal entry to record the bad debt expense for the year.
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