Question

diny: :35.29 Su + 7 of 11 (5 complete) This Question: 10 pts ACCC This Test: 100 pts enu Ramona Corporation provided the following information regarding its accounts receivable during 2015, its second year of operations. B! (Click the icon to view the information regarding accounts receivable.) ments The company performs an aging of accounts receivable in order to estimate its allowance for uncollectible accounts, instead of the percentage-of-sales method Ramona uses the following estimated percentages of receivables expected to be uncollectible within each category: (Click the icon to view the allowances provided.) Click the icon to view the aged schedule of accounts receivable.) mework a Quiz/Te What is the journal entry to record the bad debt expense for 2015? What is the NRV of accounts receivable balance at the end of the year? Prepare the journal entry to record the bad debt expense for 2015. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Year-end Determine the NRV of accounts receivable balance at the end of the year. (Abbreviations Used: NRV Net realizable value.) The NRV of accounts receivable balance at the end of the year is $ Choose from any list or enter any number in the input fields and then continue to the next question. 11:59pm HW 015 Depreciation Methods 07/24/19 11am

Answer 1

	Age of accounts	Amount	% uncollectible	Uncollectible amount
	Current	290000	1%	2900
	1-30 days past due	450000	6%	27000
	31-60 days past due	700000	17%	119000
	61-90 days past due	360000	30%	108000
	over 90 days past dues	290000	96%	278400
		2090000		535300
	Total estimated uncollectible	535300
	Total estimated uncollectible	535300
Less	Beginnning uncollectible balance	124000
	Bad debt expense	411300
	Account	Debit	Credit
31-Dec-15	Bad debt expense	411300
	Allowance for uncollectible accounts		411300
	Accounts receivable	2090000
Less	Allowance for uncollectible accounts	535300
	NRV	1554700