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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


Complete this question by entering your answers in the tabs below. Req 1 Req 2 Estimate the balance of the Allowance for Doub
Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,400 credit balance. Note: Enter debits befo
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
0 0
Report
Answer #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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