Business, 22.11.2021 21:00 NerdyJason
Entry for Uncollectible Accounts
Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below.
Age Interval
Balance Estimated Uncollectible
Accounts Percent Estimated Uncollectible
Accounts Amount
Not past due $898,000 3/4 % $6,735
1-30 days past due 98,800 3 2,964
31-60 days past due 44,900 6 2,694
61-90 days past due 32,300 17 5,491
91-180 days past due 23,300 40 9,320
Over 180 days past due 17,100 65 11,115
Total $1,114,400 $38,319
Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,895 as of December 31.
Journalize the adjusting entry for uncollectible accounts as of December 31.
Dec. 31
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Entry for Uncollectible Accounts
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