Question

4 of 9 (complete) HW Score: 22 53%, 22 53 of 100 Score: 0 of 10 pts Question Help S8-8 (similar to) Precious Figurines Collection had the following balances December 31, 2018 before the year and adjustments (Cd, the icon to view the balances and accounts red - X Data Table Requirements 1. Journali Precious les entry to record bad de 2. Prepare a Taccount to compute the ending balance Acc Neceivable Allowance for Bad Debits Requirement 1. Journale Precious Figurines entry to 81,000 Account The aging of accounts receivable is the following data Dec 31 Age of Accounts Receivable 0 60 Days Over 50 Days Total Receivables Accounts Receivable $ 76,000 5 5000 81000 Estimated percent uncollectible *2% explanation on the last line of the many table P Done Choose from any list or enter a number in the input Check Answer Clea 1 pm remaining 12:57 PM 9/10/2020 d

Answer 1

1) Estimated allowance for bad debts = ($76,000*2%) + (5,000*25%) Estimated allowance for bad debts = $1,520 + $1,250 Estimated allowance for bad debts = $2,770 Bad debts expense = $2,770 - $1,176 Bad debts expense = $1,594 Credit Date Dec. 31 Debit $ 1,594 Account Titles and Explanation Bad debts expense Allowance for Bad Debts (To record the bad debts expense) $ 1,594

А B с D 1 2) 2 2 3 Allowance for Bad Debts $ 1,176 Beg. Bal $ 1,594 Bad debts expense $ 2,770 End. Bal 4 5

A B с D 1 2) 2 2. 3 Allowance for Bad Debts 1176 Beg. Bal 1594 Bad debts expense =+C3+C4 End. Bal 4 5