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Category > Management Posted 20 Jan 2018 My Price 9.00

Tennyson Auto Parts

Problem 5-71A DETERMINING BAD DEBT EXPENSE USING THE AGING METHOD

 

At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of

 

$31,800 and a balance in the allowance for doubtful accounts of $2,980 (credit). During the year Tennyson had credit sales of $624,300, collected accounts receivable in the amount of $602,700, wrote off $18,600 of accounts receivable, and had the following data for accounts receivable at the end of the period:

 

 

 

 

 

Accounts

 

Receivable Age                     Amount

 

 

Proportion Expected to Default

 

Current

$20,400

0.01

1–15 days past due

5,300

0.02

16–45 days past due

3,100

0.08

46–90 days past due

3,600

0.15

Over 90 days past due

2,400

0.30

 

$34,800

 

 

 

 

Required:

 

1.     Determine the desired postadjustment balance in allowance for doubtful accounts.

 

2.     Determine the balance in allowance for doubtful accounts before the bad debt expense adjusting entry is posted.

 

3.     Compute bad debt expense.

4.     Prepare the adjusting entry to record bad debt expense

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Jan 2018 11:01 PM My Price 9.00

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