Question

Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp. at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 23,700 $ 9,900 $13,800 28,700 $ 28,700 53,000 5,000 5,100 40,400 $40,400 120,700 76,900 31,600 12.200 $266,500 $110,600 $46,600 $26,000 $42,900 $40,400 Cope $42 900 DeSpears Others Estimated percentage uncollectible 3% 7% 13% 23% 6296 Total estimated bad debts $44,875 $3,318 $3.262 $3,380 $9,867 $25,048 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is acredit of $7.600.

Answer 1

	1)	Account titles and Explanation				Debit	Credit
	31-Dec	Bad debts expense				37275
		allowance for uncollectible accounts					35,254
			Bad debts expense
		31-Dec	37275
		End bal	37275
			Allowance for dountful accounts
				op bal	7,600
				31-Dec	37275
				End bal	44,875
	1)	Account titles and Explanation				Debit	Credit
	1-Mar	Allowance for doubtful accounts				560
		Account receivable					560
	1-May	Accounts receivable				560
		Allowance for doubtful accounts					560
		Cash				560
		Account receivable					560
			Allowance for dountful accounts
		2021		12/31/bal	7,600
				31-Dec	37275
				12/31/bal	44,875
		2022
		1-Mar	560	1-May	560
		Account titles and Explanation				Debit	Credit
		Bad debts expense				38800
		allowance for uncollectible accounts					38,800