Reference no: EM131221439
Marcelo’s Mattresses, Inc. grants its customers 30 days credit. The company uses the allowance method for its uncollectible accounts receivable. At December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At 12/31/2012 accounts receivable had a debit balance of $1,250,000 and the allowance for bad debt had a credit balance of $106,000. Accounts receivable activity for 2003 was as follows:
Beginning balance $1,250,000
Credit sales $3,800,000
Collections ($3,745,000)
Write-offs ($82,000)
Ending balance $1,223,000
The company’s controller prepared the following aging summary of year-end accounts receivable.
Age Group Amount % Uncollectible
0-60 days $825,000 2%
61-90 days $220,000 10%
91-120 days $50,000 30%
Over 120 days $128,000 40%
Total $1,223,000
(1) Prepare the journal entry to record the year-end adjusting entry for uncollectible accounts.
(2) What is total bad debt expense for 2003? How would accounts receivable appear on the balance sheet for December 31, 2003?
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: Marcelo’s Mattresses, Inc. grants its customers 30 days credit. The company uses the allowance method for its uncollectible accounts receivable. At December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible ..
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