Business, 15.07.2021 21:40 whitethunder05

Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due
Total 0 1 to 30 31 to 60 61 to 90 Over 90
Accounts receivable 605,000 403,000 97,000 43,000 25,000 37,000
Percent uncollectible 2% 3% 6% 8% 11%
a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.
b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit.
c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit.

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Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due

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