1 answer

Baltimore Company uses aging to estimate uncollectibles.  At the end of the fiscal year, December 31, 2018,...

Question:

Baltimore Company uses aging to estimate uncollectibles.  At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of:

Dollar Value

Age of Account

Estimated Collectible

$155,000

< 30 days old

99%

75,000

30 to 60 days old

93%

25,000

61 to 120 days old

70%

10,000

> 120 days old

19%

The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.


Answers

Calculate balance

Days Amount % Uncollectible $ Uncollectible
< 30 days old 155000 1% 1550
30 to 60 days old 75000 7% 5250
61 to 120 days old 25000 30% 7500
> 120 days old 10000 81% 8100
Total 22400

Dollar balance in allowance for doubtful accounts = $22400

.

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