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(Solved by Expert Tutors) The Broad Company had a $500 credit balance in Allowance for Doubtful Ac


current year's provision for uncollectible accounts. An aging of the accounts of the accounts receivable revealed the following:

Est. percentage ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Uncollectible

Current Accounts ? ? ? ? $130,000 ? ? ? ? ? ? ? ? ? 1%

1-30 days past due ? ? ? $ 12,000 ? ? ? ? ? ? ? ? ? ?3%

31-60 days past due ? ? $ 10,000 ? ? ? ? ? ? ? ? ? ?6%

61-90 days past due ? ? $ ? 5,000 ? ? ? ? ? ? ? ? ? 12%

Over 90 days past due $ ? 8,000 ? ? ? ? ? ? ? ? ? 30%

Total Accounts Receivable= $155,000

Instructions:

a) Prepare the adjusting entry on December 31, 2003, to recognize bad debts expense

b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $500 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts.



 


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DATE ANSWERED

Apr 19, 2020

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