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Category > Accounting Posted 15 Aug 2017 My Price 9.00

York Company

23.   Aging of accounts receivable. York Company’s accounts receivable show the following balances:

 

 

 

Age of Accounts

 

Balance Receivable

 

0–30 Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                     $1,200,000

31–60 Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                           255,000

61–120 Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             75,000

More than 120 Days. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                          30,000

 

 

York Company uses the aging-of-accounts-receivable procedure. The credit balance in the Allowance for Uncollectible Accounts is now $16,000. Analysis of collection experience suggests that York should use the following percentages to estimate the amounts that will eventually prove uncollectible: 0–30 days, 0.5%; 31–60 days, 1.0%; 61–120 days, 10%; and more than 120 days, 30%. Prepare the journal entry to provide for estimated uncollectible accounts.

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 11:08 AM My Price 9.00

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