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Question - On December 31, 2020, Toro Company's Allowance for Doubtful Accounts had an unadjusted credit balance of $38,000. The accountant for Toro has prepared a schedule of the December 31, 2020, accounts receivable by age and, on the basis of past experience, has estimated the percentage of the receivables in each age category that will become uncollectible. This information is summarized as follows:
December 31, 2020 Accounts Receivable
Age of Accounts Receivable
Expected Percentage Uncollectible
$1,850,000
Not due (under 30 days)
1.25%
875,000
1 to 30 days past due
2.00
187,000
31 to 60 days past due
6.50
120,000
61 to 90 days past due
33.00
30,000
Over 90 days past due
68.00
Required -
1. Calculate the amount that should appear in the December 31, 2020, balance sheet as the allowance for doubtful account.
2. Prepare the journal entry to record bad debt expense for 2020.
3. Record the estimate for uncollectible accounts for December 31.
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