153. At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts:
1. Accounts not yet due = $80,000; estimated uncollectible = 2%.
2. Accounts 1–30 days past due = $20,000; estimated uncollectible = 25%.
3. Accounts more than 30 days past due = $4,000; estimated uncollectible = 60%.
Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $900 (credit).
154. At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts:
1. Accounts not yet due = $70,000; estimated uncollectible = 4%.
2. Accounts 1–30 days past due = $30,000; estimated uncollectible = 15%.
3. Accounts more than 30 days past due = $5,000; estimated uncollectible = 40%.
Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,200 (debit).
155. A company has the following balances on December 31, 2015, before any year-end adjustments: Accounts Receivable = $80,000; Allowance for Uncollectible Accounts = $1,100 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below:
Age Group
|
Amount Receivable
|
|
Estimated Percent Uncollectible
|
|
Not yet due
|
$48,000
|
|
5%
|
|
0–30 days past due
|
18,000
|
|
15%
|
|
31–90 days past due
|
10,000
|
|
40%
|
|
More than 90 days past due
|
4,000
|
|
80%
|
|
Total
|
$80,000
|
|
|
|
Record the adjustment for uncollectible accounts on December 31, 2015.