Maurice Tutor

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Category > Accounting Posted 18 Aug 2017 My Price 12.00

Putnam & Putnam

Putnam & Putnam, a legal firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end, an aging of the accounts receivable produced the following five groupings:

         
a. Not yet due $ 250,000  
b. 1Ac€?o30 days past due   105,000  
c. 31Ac€?o60 days past due   40,000  
d. 61Ac€?o90 days past due   7,500  
e. Over 90 days past due   15,000  
         
  Total $ 417,500  
         
 

On the basis of past experience, the company estimated the percentages probably uncollectible for the above five age groups to be as follows: Group a, 1 percent; Group b, 3 percent; Group c, 10 percent; Group d, 20 percent; and Group e, 50 percent.

     The Allowance for Doubtful Accounts before adjustment at December 31 showed a credit balance of $5,900.
a.

Compute the estimated amount of uncollectible accounts based on the above classification by age groups.
b.

Prepare the adjusting entry needed to bring the Allowance for Doubtful Accounts to the proper amount
c.

Assume that on January 10 of the following year, Putnam & Putnam learned that an account receivable that had originated on September 1 in the amount of $4,300 was worthless because of the bankruptcy of the client, Safeland Co. Prepare the journal entry required on January 10 to write off this account.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 12.00

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