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The accounts receivable listing of Houmans Inc. shows the following on December 31, 2018. The general...

The accounts receivable listing of Houmans Inc. shows the following on December 31, 2018. The general ledger showed a $350 credit balance in Allowance for Doubtful Accounts before adjustment Name of customer Invoice date Amount Cycles Inc. May 5, 2018 $950 First Corporation August 12, 2018 500 First Corporation December 10, 2018 550 Garron Inc. December 15, 2018 200 Heartwell Inc. September 15, 2018 480 Heartwell Inc. July 5, 2018 915 Leash Inc. March 5, 2018 575 Sign Corporation November 15, 2018 825 Spares Inc. November 18, 2018 325 Summer Corporation October 10, 2018 650 Required: 1. Prepare an aging of accounts receivable at December 31, 2018 2. Compute estimated loss based on the following: Age (days) Estimated Loss Percentage 1-30 2% 31-60 3% 61-90 5% 91-120 12% 121-150 15% Over 150 50% 3. Prepare journal entry to record the bad debt expense for the year.

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ekkarill92 answered 7 months ago
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