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P7- 5 ( Bad- Debt Reporting) Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2010....
P7- 5 ( Bad- Debt Reporting) Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2010. 1. An aging schedule of the accounts receivable as of December 31, 2010, is as follows. % to Be Applied after Age Net Debit Balance Correction Is Made Under 60 days $ 172,342 1% 60– 90 days 136,490 3% 91– 120 days 39,924* 6% Over 120 days 23,644 $ 3,700 definitely uncollectible; $ 372,400 estimated remainder uncollectible is 25% * The $ 3,240 write- off of receivables is related to the 91- to- 120 day category.
