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Refer to the information in Exercise 9.8 to complete the following requirements. Exercise 9-9 a. Estimate...


Refer to the information in Exercise 9.8 to complete the following requirements. Exercise 9-9 a. Estimate the balance of the


Daley Company prepared the following aging of receivables analysis at December 31. Exercise 9-8 Aging of receivables method P
Refer to the information in Exercise 9.8 to complete the following requirements. Exercise 9-9 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of Percent of receivables total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. method b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the P3 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. c.10
Daley Company prepared the following aging of receivables analysis at December 31. Exercise 9-8 Aging of receivables method P3 Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 $570,000 Accounts receivable...... Percent uncollectible .......... $396,000 1% $90,000 2% $36.000 5% $18,000 7% $30,000 10% a. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. 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 $3,600 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 $100 debit.
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Answer- 9-8-х = $ II Accounts Percent uncollectible (%) receivable Not due: $ 396,000 1 % 1 to 30: 90,000 2 % 31 to 60 36,000 5 61 to 90:

llarice! IS do Credit Date Dec 31 General Journal Bad debts expense Allowance for doubtful accounts Debit 8,220 8,220 Dec 31

9-9-

a
Estimated balance of allowance for uncollectibles 25650 Credit =570000*4.5%
b
Date General Journal Debit Credit
31-Dec Bad debts expense 13,650 =25650-12000
Allowance for doubtful accounts 13,650
31-Dec Bad debts expense 26,650 =25650+1000
Allowance for doubtful accounts 26,650
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