(Solved by Humans)-Problem 7-4A Aging accounts receivable and accounting for bad debts LO P2 [The following information

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Problem 7-4A Aging accounts receivable and accounting for bad debts LO P2 [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2.40 million for year 2013. On December 31, 2013, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,548. Jarden prepares a schedule of its December 31, 2013, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Document Preview: Problem 7-4A Aging accounts receivable and accounting for bad debts LO P2 [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2.40 million for year 2013. On December 31, 2013, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,548. Jarden prepares a schedule of its December 31, 2013, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2013 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 480,000  Not yet due 1.10 % 192,000  1 to 30 days past due 1.85 38,400  31 to 60 days past due 6.35 19,200  61 to 90 days past due 32.00 3,840  Over 90 days past due 66.00 References Section BreakProblem 7-4A Aging accounts receivable and accounting for bad debts LO P2 4. value: 5.00 points Required information Problem 7-4A Part 1 Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2013, using the aging of accounts receivable method. ( References eBook & Resources Expanded tableDifficulty: Medium Problem 7-4A Part 1Learning Objective: 07-P2 Apply the allowance method and estimate uncollectibles based on sales and accounts receivable. eBook: Estimating Bad Debts—Percent of Sales Method Check my work 5. value: 5.00 points Required information Problem 7-4A Part 2 2. Prepare the adjusting entry to record bad debts expense at December 31, 2013.   eBook & Resources WorksheetDifficulty: Medium