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question dec wrote off accounts receivable as uncollectible regan co 1 300 owen mac 4280506

Question

Dec

Wrote off accounts receivable as uncollectible:

Regan Co.,

$1,300;

Owen Mac,

$900;

.Rain, Inc.,

$700.

Dec

Recorded uncollectible account expense based on the aging of accounts receivable, as follows:

Age of Accounts

1 – 30

31 – 60

61 – 90

Over 90

Accounts Receivable

Days

Days

Days

Days

$165,000. . . . . . . . . . .

$97,000

$37,000

$14,000

$17,000

Estimated percent

uncollectible. . . . . . . .

0.3%

3%

30%

35%

Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . .

$145,000

Allowance for uncollectible accounts (credit balance). . . . .

3,500

DecDec

28: Wrote off accounts receivable as uncollectible:

Regan Co.,

$1,300;

Owen Mac,

$900;

and

Rain, Inc.,

$700.

Journal Entry

Date

Accounts

Debit

Credit

Dec

28

Dec

28

Wrote off accounts receivable as uncollectible:

Regan Co.,

$1,300;

Owen Mac,

$900;

and

.Rain, Inc.,

$700.

Dec

31

Recorded uncollectible account expense based on the aging of accounts receivable, as follows:

 

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