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At 1-1-06, the allowance for uncollectible Accounts for Jambo Ltd. Had a credit balance of...

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Accounting

  1. At 1-1-06, the allowance for uncollectible Accounts for Jambo Ltd. Had a credit balance of Shs.30,000 and at 31-12-05, the Accounts Receivable amounted to Shs.850,000

Age of debts Amount Estimated of collectible

Shs.

0 - 30 days 380,000 99%

31 - 60 days 300,000 95%

61 - 90 days 100,000 90%

91 - 120 days 50,000 80%

Over 120 days 20,000 75%

REQUIRED

  1. Calculate the allowance for uncollectible accounts required at 31-12-06

  1. Show the adjusting entry necessary at 31-12-06

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