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1 page/≈275 words
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Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Coursework
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English (U.S.)
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# Uncollectible Accounts Receivables for XYZ (Coursework Sample)

Instructions:

Assignment Topic:
Below is the “totals” section of XYZ Corporation’s full ageing schedule. XYZ will be using this information to estimate uncollectible accounts receivable at year-end

source..
Content:

Uncollectible Accounts Receivables for XYZ
Student’s Name
Institutional Affiliation
Course Name + Code
Instructor's Name
Date
Uncollectible Accounts Receivables for XYZ
The company’s total debt is \$375,000.
Similarly, the company has debts with a different number of days outstanding. The debt collection rate for \$220,000 is 1%, while the debts should be collected within 30 days.
1/100*220,000
\$2,200
The percentage rate for the debts to be collected between 31-60 days is 4% while the amount of debt = \$90,000
4/100*90,000
\$3,600
61-90 days
Accounts receivables = \$30,000
Percent uncollectible = 5%
\$1,500
91-120 days
Accounts receivables = 20,000
Percent uncollectible = 9%
9/100*20,000
\$1,800
Over 120 days
Accounts receivables = \$15,000
Percent uncollectible = 20%
20/100*15000
\$3000
Total estimated bad debts = (2,200 + 3,600+ 1500+ 1800+ 3000)
Total estimated bad debts is \$12,100
2. Journal entry
Cr. Bad and doubtful debts \$9,100
(Being a record of bad and doubtful debts assuming that the current bad debt allowance is \$3000)

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