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Category > Accounting Posted 23 Aug 2017 My Price 11.00

Glencoe Supply

Exercise 5-53  BAD DEBT EXPENSE: AGING   METHOD

Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year.

 

Accounts

Receivable Age              Amount

 

Proportion Expected to Default

 

Allowance Required

 

Current

$310,500

0.004

$ 1,242

 

1–30 days past due

47,500

0.02

950

 

31–45 days past due

25,000

0.08

2,000

 

46–90 days past due

12,800

0.20

2,560

 

91–135 days past due

6,100

0.25

1,525

 

Over 135 days past due

4,200

0.60

2,520

 

 

 

 

$10,797

 

 

The balance in Glencoe’s allowance for doubtful accounts  at the beginning of  the year was $49,620 (credit). During the year, accounts in the total amount of $51,232 were written off.

 

 

 

 

 

 

Required:

1.     Determine bad debt expense.

2.     Prepare the journal entry to record bad debt expense.

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Maurice Tutor
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Status NEW Posted 23 Aug 2017 11:08 PM My Price 11.00

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