Erickson Company had a $300 credit balance in Allowance forDoubtful Accounts at December 31, 2017, before the current year'sprovision for uncollectible accounts. An aging of the accountsreceivable revealed the following:
EstimatedPercentage
Uncollectible
CurrentAccounts $170,000 1%
1â30 dayspastdue 15,000 3%
31â60 dayspastdue 12,000 6%
61â90 dayspastdue 5,000 15%
Over 90days pastdue 9,000 30%
TotalAccountsReceivable $211,000
Instructions
(a) Prepare the adjusting entry on December 31,2017, to recognize bad debts expense.
(b) Assume the same facts as above except that theAllowance for Doubtful Accounts account had a $300 debit balancebefore the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision foruncollectible accounts.

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?

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About 300 billion dollars in taxes is lost in the united states alone due to an underground economy, which involves paying individuals cash rather than having them on the official payroll