Reference no: EM132675417
Fife, Inc. has the following account balances at December 31, 2005:
Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit balance).
Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation year-end:
Account Age Age Group Balance Estimated Uncollectible Percentage
Current $96,000 2.0
1-30 days past due $64,000 5.0
31-60 days past due $16,000 15.0
61-90 days past due $6,400 35.0
Over 90 days past due $3,200 45.0
Problem 1) Calculate the amount of the Allowance for doubtful accounts that should appear on the December 31, 20X5, balance sheet
Problem 2) Prepare the journal entry to record 20X5 bad debts expense.
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