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help filling in table At the end of...

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Accounting

help filling in table
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At the end of the current fiscal year, Grey Ltd.'s accounts show the following amounts: Click the icon to view the amounts.) Grey estimates the following percentages of accounts receivable will not be collectible: Click the icon to view the uncollectible percentages.) Required What should be the amount of bad debts expense for the year? Begin by calculating the estimated allowance for uncollectible accounts at the end of the year. Days outstanding 0-30 31-75 76-120 120+ Amount 297,000 194,000 346,000 116,000 % not collectible 2% 15% 20% 25% Total 953,000 Estimated amount uncollectible Data table $ Accounts receivable Allowance for doubtful accounts (prior to any adjusting or closing entries) Customer accounts written off as uncollectible during the year Bad debts expense for the year (prior to any adjusting or closing entries) 953,000 15,000 Dr. ? 71,000 Dr. 1 Data table 0-30 31-75 76-120 120+ Total Days outstanding Amount % not collectible 297,000 346,000 116,000 194,000 15% 953,000 2% 20% 25%

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