! Required information Use the following information for the Exercises below. [The following information applies...
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! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $640,000 Accounts receivable Percent uncollectible 0 $410,000 3% 1 to 30 $104,000 4% 31 to 60 $50,000 7% 61 to 90 $32,000 9% Over 90 $ 44,000 12% Exercise 7-8 Aging of receivables method LO P3 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,500 debit
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