Question Details

(Solution Download) Jarden Company has credit sales of $2.70 million for year 2013. On December 31, 2013, the companyAc?


 

 

 

 

 

 

 

Jarden Company has credit sales of $2.70 million for year 2013.

 

On December 31, 2013, the companyAc??cs Allowance for Doubtful Accounts

 

has an unadjusted credit balance of $17,189. Jarden prepares a

 

schedule of its December 31, 2013, accounts receivable by age. On

 

the basis of past experience, it estimates the percent of

 

receivables in each age category that will become uncollectible.

 

This information is summarized here.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Accounts Receivable

Age of

 

Accounts Receivable

 

Expected Percent Uncollectible

$540,000

 

        

   Not yet

 

due

1.05%

 

216,000         

   1 to 30 days

 

past due

1.80

 

43,200         

   31 to 60 days

 

past due

6.30

 

21,600         

   61 to 90 days

 

past due

31.75

 

4,320         

   Over 90 days

 

past due

66.00

 

 

 

 

 

 

 

 

 

 

 

 

Required:

 

1.

 

Estimate the required balance of the Allowance for Doubtful

 

Accounts at December 31, 2013, using the aging of accounts

 

receivable method.

 

 

 

 

 

 

 

 

2.

 

Prepare the adjusting entry to record bad debts expense at

 

December 31, 2013.

 

 

 

 


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