Problem 8-3A Presented below is an aging schedule for Halleran Company Number of
ID: 2529150 • Letter: P
Question
Problem 8-3A Presented below is an aging schedule for Halleran Company Number of Days Past Due Not Yet Due Over 90 1-30 31500 Total 23,600 40,500 40,500 57,200 34,400 Customer 31-60 61-90 Anders Blake Coulson Deleon Others $10,000 $13,600 16,700 5,300 $35,200 $34,400 5,100 $287,200 $153,600 $31,000 $27,900 $35,200 $39,500 131,500 96,400 15,700 14,300 Estimated Percentage Uncollectible Total Estimated Bad Debts 3% 6% 12% 25% 4990 $37,971 4,608 $ 1,860 3,348 $8,800 $19,355 At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000 Journalize and post the adjusting entry for bad debts at December 31, 2017. (Credit account titles are a Date Account Titles Debit CreditExplanation / Answer
Date Account titles Debit Credit 12/13/2017 Bad debts expense 25971 allowance for Doubtful 25,971 (37971-12,000) Bad debts expense Date Explanation Debit Credit Balance 31-Dec Adjusting 25971 25971 Allowance for Dobutful accounts Date Explanation Debit Credit Balance 31-Dec Balance 12,000 31-Dec Adjusting 25971 37971 year 2018 no Date Account titles Debit Credit 1) 31-Mar Allowance for Doubtful accounts 1,200 Account receivable 1,200 2) 31-May Account receivable 1,200 Allowance for doubtful accounts 1,200 31-May Cash 1,200 Account receivable 1,200 Allowance for doubtful accounts Date Explanation Debit Credit Balance 31-Dec Balance 12,000 31-Dec Adjusting 25971 37971 31-Mar 1,200 36,771 31-May 1,200 37971 Date Account titles Debit Credit Bad debts expense 32100 Allowance for Doubtful accounts 32,100 (31200+900)