As of December 31, 2017, the unadjusted balance of Accounts Receivable is $48,000. The company...
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Accounting
As of December 31, 2017, the unadjusted balance of Accounts Receivable is $48,000. The company uses the aging method to determine the Allowance for Doubtful Accounts. Complete the following Accounts Receivable Aging Schedule, and prepare the adjusting journal entry to adjust Bad Debt Expense and the Allowance for Doubtful Accounts to actual. The company believes they will be unable to collect 2% of amounts 0-30 days past due, 25% of amounts 31-60 days past due, 40% of amounts 61-90 days past due, and 70% of amounts past due more than 90 days. AGING 0-30 31-60 61-90 90+ TOTAL AMOUNT 24,000.00 18,000.00 5,000.00 1,000.00 48,000.00 % UNCOLLECTIBLE TOTAL
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