Maurice Tutor

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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Snead Company

Snead Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 20X1, the balance of accounts receivable is $210,000 and the allowance for uncollectible accounts has a credit balance of $3,000 (before adjustment). An analysis of accounts receivable produced the following age groups:

Current

$150,000

60 days past due

50,000

Over 60 days past due

10,000
 

$210,000

Based on past experience, Snead estimates that the percentage of accounts that will prove to be uncollectible within the 3 age groups is 2%, 8%, and 20%, respectively. Based on these facts, the adjusting entry for uncollectible accounts should be made in the amount of

a. $3,000.

b. $6,000.

c. $9,000.

d. $13,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 8.00

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