Business, 03.07.2020 22:01 Carrchris021
On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age.
Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible
$880,000 Not yet due 1.25%
352,000 1 to 30 days past due 2.00
70,400 31 to 60 days past due 6.50
35,200 61 to 90 days past due 32.75
14,080 Over 90 days past due 68.00
Required:
a. Compute the required balance of the Allowance for Douitful Accounts at December 31 using an aging of accounts receivable.
b. Prepare the adjusting entry to record bad debts expense at December 31.
c. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
Answers: 2
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On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15...
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