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1. Timken Inc. made $900,000 in sales during 2016. Twenty-five percent of these were cash sales. During the year, $22,500 of accounts receivable were written off as being uncollectible. In addition, $13,500 of the accounts that were written off in 2015 were unexpectedly collected. At its' year-end December 31, 2016, Timken had $225,000 of accounts receivable. The balance in the Allowance for Doubtful Accounts general ledger account was $13,500 credit at December 31, 2015.
Age (days)
Accounts
Receivable
1-30
$ 90,000
31-60
45,000
61-90
22,500
91-120
54,000
Over 120
13,500
Total
$225,000
Prepare journal entries to record the following 2016 transactions:The write-off of $22,500The recovery of $13,500Recalculate the balance in the Allowance for Doubtful Accounts general ledger account at December 31, 2016.The estimated uncollectible accounts at December 31, 2016 are calculated as follows:
Estimated
Loss
percentage
1.5%
3%
4%
9%
45%
Required: Prepare the adjusting entry required at December 31, 2016.
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