Homework Answers
Requirement 1
| Estimated balance of allowance for doubtful accounts | $ 8,838.00 | ||||
Requirement 2
| General Journal | Debit | Credit |
| Bad debts expense | $ 6,947.00 | |
| Allowance for doubtful accounts | $ 6,947.00 | |
| (To record bad debts expense) |
Working
| Accounts receivables | x | Percent Uncollectable (%) | = | Estimated Uncollectable | |
| Current | $ 64,800.00 | x | 2.00% | = | $ 1,296.00 |
| 1 to 30 days | $ 13,800.00 | x | 5.00% | = | $ 690.00 |
| 31 to 90 | $ 10,500.00 | x | 29.00% | = | $ 3,045.00 |
| Over 90 | $ 8,100.00 | x | 47.00% | = | $ 3,807.00 |
| Estimated balance of allowance for doubtful accounts | $ 8,838.00 | ||||
.
| Estimated balance of allowance for uncollectables | $ 8,838.00 | Cr |
| Balance in Allowance for uncollectable account (Cr) | $ 1,891.00 | Cr |
| Total bad debts to be recorded | $ 6,947.00 | Cr |
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