Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 553,600 326,600 121,800 49,800 27,700 27,700 Boyd Industries 12,600 12,600 Hodges Company 18,600 18,600 Kent Creek Inc. 6,600 6,600 Lockwood Company 12,300 12,300 Van Epps Company 30,100 30,100 Totals 633,800 356,700 134,100 56,400 46,300 40,300 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful Accounts 60,727 3,567 6,705 14,100 16,205 20,150 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 12,755 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. July 31

Question

Julian Lyons

Business

27 March, 03:45

Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 553,600 326,600 121,800 49,800 27,700 27,700 Boyd Industries 12,600 12,600 Hodges Company 18,600 18,600 Kent Creek Inc. 6,600 6,600 Lockwood Company 12,300 12,300 Van Epps Company 30,100 30,100 Totals 633,800 356,700 134,100 56,400 46,300 40,300 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful Accounts 60,727 3,567 6,705 14,100 16,205 20,150 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 12,755 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. July 31

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Rohan David · Answer 1

uncollectible ammount expense 47,972 debit

allowance for doubtful account 47,972 credit

Explanation:

Fro mthe talbe we are given the amount of account over-time fro meach customer.

As we are presented with all date we should proceed directly with the journal entry:

the aging method stated an allowance of 60,727

the current balance is for (12,755)

the adjustment will be for: 47,972