Assume That Part of Accounts and Other Receivables on Trejada's $\quad$

question 42

Essay

Assume that part of accounts and other receivables on Trejada's Toys' balance sheet is $8 million and that Thompson estimates its uncollectible accounts as 1 percent of accounts receivable not yet due,2 percent of accounts receivable between 1 and 60 days past due,and 10 percent of accounts receivable over 60 days past due.Determine the amount of Trejada's adjusting entry to recognize uncollectible accounts using the accounts receivable aging method,based on the following information:
Accounts receivable not yet due $\quad$ $\quad$ $\quad$ $\quad$ $300,000
Accounts receivable 1 - 60 days past due $\quad$ $\quad$ 100,000
Accounts receivable over 60 days past due $\quad$ $\quad$ 50,000

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