Question

Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,900.

Answer 1

1)	Account titles and Explanation				Debit	Credit
31-Dec	Bad debts expense				36662
	allowance for uncollectible accounts					36,662
		Bad debts expense
	31-Dec	36662
	End bal	36662
		Allowance for dountful accounts
			op bal	7,900
			31-Dec	36662
			End bal	44,562
1)	Account titles and Explanation				Debit	Credit
1-Mar	Allowance for doubtful accounts				660
	Account receivable					660
1-May	Accounts receivable				660
	Allowance for doubtful accounts					660
	Cash				660
	Account receivable					660
		Allowance for dountful accounts
	2021		12/31/bal	7,900
			31-Dec	36662
			12/31/bal	44,562
	2022
	1-Mar	660	1-May	660
	Account titles and Explanation				Debit	Credit
	Bad debts expense				38600
	allowance for uncollectible accounts					38,600