On December 31, 20XX, the following information has been taken and summarized from the subsidiary...
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Accounting
On December 31, 20XX, the following information has been taken and summarized from the subsidiary accounts receivable ledger.
Customer Account
September
October
November
December
Crenshaw
$354
$5,627
$9,095
Aberdeen
4,427
Bailey
8,330
7,475
Foxworthy
3,860
2,669
Daedalus
10,797
Emeritus
17,585
2,966
14,650
Total A/R
$87,835
The credit department believes that the uncollectable amounts can be determined with age using the following parameters:
1-30 days: 4%
31-60 days: 9%
61-90 days: 15%
90+ days: 35%
Current Balance in Allowance for Doubtful Accounts: $7500 credit
Required:
Create an Aging of Accounts Receivable schedule.
Determine the amount to use to adjust the Allowance for Doubtful Accounts account.
Note: List the account names in alphabetical order. Sum the amounts in the "Amount Owed" column with the Aging Schedule, not the Subsidiary Ledger.
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On December 31,20x, the following information has been taken and summarized from the subsidiary The credit department believes that the uncollectable amounts can be determined with age using the following parameters: Required: Create an Aging of Accounts Receivable schedule. Determine the amount to use to adjust the Allowance for Doubtful Accounts account. Note: List the account names in alphabetical order. Sum the amounts in the "Amount Owed" column with the Aging Schedule, not the Subsidiary Ledger. Sample Company Accounts Receivable Aging Schedule
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On December 31,20x, the following information has been taken and summarized from the subsidiary The credit department believes that the uncollectable amounts can be determined with age using the following parameters: Required: Create an Aging of Accounts Receivable schedule. Determine the amount to use to adjust the Allowance for Doubtful Accounts account. Note: List the account names in alphabetical order. Sum the amounts in the "Amount Owed" column with the Aging Schedule, not the Subsidiary Ledger. Sample Company Accounts Receivable Aging Schedule
