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Not Yet Number of Days Past Due Customer Total Due 1-30 31-60 61-90 Over 90 24,000 30,000 $ 30,000 50,000 5,000 5,000 38,000
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Answer #1
Ans a
Date Accounts Title Dr Cr
Dec 31 2017 Bad Debt expenses 34400
Allowance for Doubtful Accounts $34,400
(42400-8000)
(being bad debt expenses recorded)
T accounts
Bad Debt expenses
Allowance for Doubtful Accounts $34,400
Ending bal $34,400
Ans b
Date Accounts Title Dr Cr
Marc 1 2017 Allowance for Doubtful Accounts 600
Accounts Receivable $600
(being account written off as uncollectible)
May 1 2017 Accounts Receivable 600
Allowance for Doubtful Accounts $600
(being account reinstated)
May 1 2017 Cash 600
Accounts Receivable $600
(being cash received from customer account)
T accounts
Allowance for Doubtful Accounts
Accounts Receivable $600 Beg Bal 8000
Accounts Receivable $600
Dr Cr
ans c Bad Debt expenses 38100
Dec 31 2017 Allowance for Doubtful Accounts 38100
(36700+1400 (as dr bal of allowance account so added))
(being bad debt expenses recorded)
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