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Aging Class (Number Receivables Estimated Percent of
of Days Past Due) Balance on December Uncollectible Accounts
0-30 days $715,000 1%
31-60 days 310,000 2
61-90 days 102,000 15
91-120 days 76,000 30
More than 120 days 97,000 60
Total receivables $1,300,000
A. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank.
B. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $95,000 and the company uses the analysis of receivables method.
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Aging Class (Number Receivables Estimated Percent of
of Days Past Due) Balance on December Uncollec...
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