Problem: Freemont Company uses aging to estimate uncollectible. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:
|
Dollar Value
|
Dollar Value Age of Account
|
Estimated Collectible
|
|
$115,000
|
< 30 days old
|
98%
|
|
$65,000
|
30 to 60 days old
|
85%
|
|
$20,000
|
61 to 120 days old
|
75%
|
|
$5,000
|
> 120 days old
|
10%
|
The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:
1. Accounts Receivable.
2. Allowance for Doubtful Accounts.
3. Bad Debt Expense.
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