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Question - Marigold Corporation has conducted a year-end review of its outstanding accounts receivable and has determined the following information at December 31, 2021:
Outstanding Balance
Percentage Estimated to be Uncollectible
0-30 days outstanding
$64,400
2%
31-60 days outstanding
27,600
4%
61-90 days outstanding
13,800
9%
91-120 days outstanding
4,600
17%
Over 120 days outstanding
1,800
26%
Required -
1. Complete the aging schedule.
2. Prepare the year-end adjusting entry for bad debt expense, assuming the allowance for doubtful accounts has a credit balance of $1,800 prior to the adjustment.
3. Prepare the year-end adjusting entry for bad debt expense, assuming the allowance for doubtful accounts has a debit balance of $1,100 prior to the adjustment.
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