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filling in table Gleeful Inc, had credit sales totaling...

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Accounting

filling in table
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Gleeful Inc, had credit sales totaling $5,200,000 and $5,000,000 for the years ended December 31, 2020 and 2021, respectively. Information on trade accounts receivable for the company is presented below Click the icon to view the amounts.) The balance of the allowance for doubtlul accounts as of January 1, 2020, was $7,000. In addition, you learn that the company wrote off specific accounts of $9,500 In 2020 and the bad debts expense was $16,000 in 2021. Required Determine the bad debts expense for 2020. b. Determine the amount of receivables written off during 2021 c. Prepare the joumal entry to record the bad debts expense for 2020 Requirement a. Determine the bad debts expense for 2020, Begin by calculating the estimated allowance for uncollectible accounts at the end of 2020 Days outstanding Current 30-60 61-90 Over 90 Amount 397.000 203,000 43,000 18,000 % not collectible 0.7% 5% 6% 10% Total Estimated amount uncollectible Amounts Current 397,000 Balance in accounts receivable, Dec. 31, 2020 Balance in accounts receivable, Dec 31, 2021 % of receivables estimated to be uncollectible Days outstanding from invoice date 30-60 61-90 Over 90 203,000 43,000 18,000 223,000 27,000 30,000 5% 6% 10% 428,000 0.7%

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