Reference no: EM13902470
NCOLLECTIBLE ACCOUNTS-AGING OF ACCOUNTS RECEIVABLE
Tallahassee Seminole Shop uses the percentage of receivables method of accounting for uncollectible accounts. An analysis of the accounts receivable ledger at the end of 20-9 reveals the following data concerning specific customers:
Invoice Dates and Amounts of Customers Unpaid Invoices
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Borthick, A.
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10/7
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$2,300
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11/15
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$1,200
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12/18
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$3,000
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Clark, R.
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6/1
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1,200
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8/15
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2,500
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Copley, P.
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9/23
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4,500
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10/22
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2,300
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12/23
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2,800
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Davis, H.
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12/15
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1,500
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Heagy, C.
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9/9
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200
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O'Keefe, S.
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11/20
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3,300
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12/10
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1,400
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Pasewark, W.
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12/2
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5,500
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Schroeder, M.
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12/15
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2,300
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Shockley, W.
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11/18
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800
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12/8
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3,000
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Wilkerson, J.
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8/21
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300
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11/15
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1,100
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12/8
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1,700
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At December 31, 20-9, the unadjusted balance in Allowance for Doubtful Accounts is a debit of $500. All sales are billed n/30. The chart below is used to estimate the uncollectibles using the aging of receivables method.
Days Past Due Uncollectible Percen
Not yet due...............................................................2%
1-30 days .................................................................4
31-60 days ...............................................................8
61-90 days ...............................................................16
Over 90 days ............................................................32
Required:
1. Prepare an aging schedule.
2. Estimate the uncollectible accounts as of the end of 20-9.
3. Prepare the adjusting entry for uncollectible accounts.
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Prepare the adjusting entry for uncollectible accounts
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