# Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis....

Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total \$129,000 \$84,000 1 to 30 31 to 60 61 to 90 over 90 \$22,000 \$9,000 \$6,000 \$8,000 Accounts receivable Percent uncollectible 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a \$1,400 credit.
Complete this question by entering your answers in the tabs below. Req 1 Req 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivabl Accounts Percent receivable uncollectible %) Not due: 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles Req2 >
Record estimated bad debts assuming that Allowance for Doubtful Accounts has a \$1,400 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal k Rea 1

1.

 Accounts receivable Percent uncollectible Uncollectible accounts Not due 84,000 x 1% = 840 1 to 30 22,000 x 3% = 660 31 to 60 9,000 x 5% = 450 61 to 90 6,000 x 8% = 480 Over 90 8,000 x 11% = 880 \$3,310

Estimated balance of allowance for uncollectibles = \$3,310

2.

Bad debt expense = Estimated balance of allowance for uncollectibles - Existing balance of Allowance for doubtful accounts

= 3,310 - 1,400

= \$1,910

Journal

 Bad debt expense 1,910 Allowance for doubtful accounts 1,910

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