Question

Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done

Answer 1

Perfecto Communications Requirement 1 Journal Entry Date Particulars Nov-30 Allowance for Uncollectible accounts Dr. To Accounts Receivable (Uncollectibles written off) Debit in $ Credit in $ 1800 1800 7188 Dec-31 Bad Debts Expense a/c Dr. To Allowance for Uncollectible (Bad debts accounted) 7188 Comparative Balance sheet Partial As at December 31 Accounts Receivable Less:Allowance for Uncollectible 2019 247000 -13488 233512 2018 216000 -4800 211200

Accounts Receivable Allowance for Uncollectible 1800 Bal Bad Debts Expense 13488 15288 8100 7188 Bal Total 278 1060 1650 10500 13488 -6300 Accounts Receivable Age of Accounts Amounts Uncollectible % 1 - 30 Days 139000 0.20% 31 - 60 Days 53000 2% 61 - 90 Days 11000 15% Over 90 Days 30000 35% 233000 Allowance for Uncollectible (8100 - 1800) Bad Debts Expense 15288 Accounts Receivable 247000 Allowance for Uncollectible Bal 1800 7188 245200 Bal 247000 247000