Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Accounts receivable Percent uncollectible Total $ 181,500 Days Past Due 2 to 60 $ 16,500 58 61 to 90 $ 13,500 81 over 90 $ 15,500 111 1 to 30 $ 99,000 $ 37,000 10 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,900 credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method Accounts Percent Estimated receivable uncollectible (1) Uncollectible Not due 1 to 30 31000 61 to 10 Over 50 Estimated balance of allowance for uncollectibles $ 1 Required 2 > Required 1 Required 2 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,900 credit View transaction list Journal entry worksheet
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
