A Partially Completed Aging of Receivables Schedule for Lindy Designs

question 188

Essay

A partially completed aging of receivables schedule for Lindy Designs is shown below. Calculate the amount that is estimated to be uncollectible.?
(a) Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Round calculations to the nearest dollar.? $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad { \text { Estimated Uncollectible } } \\\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad { \text { Accounts } }$
$\begin{array}{|l|r|c|c|}\hline \text { Age Interval } & \text { Balance } & \text { Percentage } & \text { Amount } \\\hline \text { Not past due } & 5550,000 & 2.50 \% & \\\hline 1-30 \text { days past due } & 96,500 & 4.00 & \\\hline 31-60 \text { days past due } & 43,750 & 9.50 & \\\hline 61-90 \text { days past due } & 22,250 & 16.00 & \\\hline 91-180 \text { days past due } & 5,600 & 31.00 & \\\hline 181-365 \text { days past due } & 3,100 & 60.00 & \\\hline \text { Over } 365 \text { days past due } & 1,250 & 95.00 & \\\hline \text { Total } & \underline{\mathbf{\$ 7 2 2 , 4 5 0}} & & \\\hline\end{array}$ (b) If Allowance for Doubtful Accounts has a credit balance of $9,700, record the adjusting entry for bad debt expense for the year.
(c) If Allowance for Doubtful Accounts has a debit balance of $9,700, record the adjusting entry for bad debt expense for the year.

---

Definitions:

Basic Emotions

Fundamental emotions that are experienced by humans across cultures, such as happiness, sadness, fear, and anger.

Carroll Izard

An American psychologist known for his contributions to the understanding of emotions and their role in human behavior.

William James

An American philosopher and psychologist, often referred to as the father of American psychology, known for his works on pragmatism and the psychology of consciousness.

Charles Darwin

Charles Darwin was a 19th-century naturalist who formulated the theory of evolution by natural selection, explaining how species adapt and change over time.