Problem 9-04A a-d (Video) Whispering Inc. uses the allowance method to estimate uncollectible accoun

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Problem 9-04A a-d (Video)

Whispering Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end.

Calculate the total estimated bad debts based on the below information.

Number of Days Outstanding

Total

0–30

31–60

61–90

91–120

Over 120

Accounts receivable276,80092,00060,70053,30038,600$32,200
% uncollectible1%4%5%8%20%
Estimated Bad debts$

$

$

$

$

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

(b)Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).
Assume the current balance in Allowance for Doubtful Accounts is a $7,600 debit.
(c)Of the above accounts, $4,700 is determined to be specifically uncollectible.
Prepare the journal entry to write off the uncollectible account.
(d)The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).
Prepare the journal entries necessary to restore the account and record the cash collection.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No

Account Titles and Explanation

Debit

Credit

(b)

(c)

(d)

(To reverse write-off.)

(To record collection of write off.)
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SHOW LIST OF ACCOUNTS

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