RECOMMENDED!!ACCOUNTING 1010-Daley Company estimates uncollectible accounts
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 580,000 $ 398,000 $ 92,000 $ 38,000 $ 20,000 $ 32,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,800 credit.c.Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $300 debit.
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