Business, 07.04.2020 23:59, EssiePooh7649

Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 90,000 1% 31-60 days past due 20,000 2 61-120 days past due 11,000 5 121-180 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $ 131,000 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. (a) What amount of bad debts expense will LaFond report in its income statement for the year? $Answer 0 (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital Record bad debts expense Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Income Statement Revenue - Expenses = Net Income Answer 0 Answer 0 Answer 0 (c) What is the balance of accounts receivable on it December 31 balance sheet? $Answer 0

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Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its acco...