Maurice Tutor

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About Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Aug 2017 My Price 8.00

Dove Company’

24.   Aging of accounts receivable. Dove Company’s accounts receivable show the following bal- ances by age:

 

 

Age of Accounts

Balance Receivable

Not yet due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,200,000

0–30 Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

400,000

31–60 Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

90,000

61–120 Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40,000

More than 120 Days. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,000

 

The credit balance in the Allowance for Uncollectible Accounts is now $17,200. Dove Company’s analyses of its collection experience suggest that Dove should use the following percentages to estimate the amounts that will eventually prove uncollectible: 0–30 days, half of 1.0%; 31–60 days, 1.0%; 61–120 days, 10%; and more than 120 days, 70%. Prepare the journal entry to record Dove’s bad debt   expense.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 11:08 AM My Price 8.00

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