A summary of Klugman Company's December 31, 2021, accounts receivable aging schedule is presented below...
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Accounting
A summary of Klugman Company's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:
Age Group
Amount
%
060 days
$
66,000
0.5
6190 days
25,000
1.0
91120 days
3,600
10.0
Over 120 days
1,000
50.0
The allowance for uncollectible accounts had a balance of $1,460 on January 1, 2021. During the year, bad debts of $810 were written off. Required: Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the entry to write-off specific accounts.
Record the entry to adjust allowance for uncollectible accounts at the year-end.
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