Presented below is an aging schedule for Gille Company.
| Customer Don't use plagiarized sources. Get Your Custom Essay on presented below is an aging schedule for gille company 534455 For $10/Page 0nly | Total | Not Yet | Number of Days Past Due | |||
| 1–30 | 31–60 | 61–90 | Over 90 | |||
| Aneesh | $ 24,000 | 9,000 | $15,000 | |||
| Bird | 30,000 | $ 30,000 | ||||
| Cope | 50,000 | 5,000 | 5,000 | $40,000 | ||
| DeSpears | 38,000 | $38,000 | ||||
| Others | 120,000 | 72,000 | 35,000 | 13,000 | ||
| $262,000 | $107,000 | $49,000 | $28,000 | $40,000 | $38,000 | |
| Estimated percentage uncollectible | 3% | 7% | 12% | 24% | 60% | |
| Total estimated bad debts | $ 42,400 | $ 3,210 | $ 3,430 | $ 3,360 | $ 9,600 | $22,800 |
At December 31, 2011, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000.
Instructions
(a) Journalize and post the adjusting entry for bad debts at December 31, 2011. (Use T accounts.)
(b) Journalize and post to the allowance account these 2012 events and transactions:
1. March 1, a $600 customer balance originating in 2011 is judged uncollectible.
2. May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1.
(c) Journalize the adjusting entry for bad debts at December 31, 2012, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates that total estimated bad debts will be $36,700.
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