MGA Company operates in an industry that has a high rate of uncollectible accounts. Before the year-end adjustments, the balance…
MGA Company operates in an industry that has a high rate of uncollectible accounts. Before the year-end adjustments, the balance of accounts receivable was $ 690,000 and account for allowance for doubtful accounts was $ 50,000. The balance will be presented in the statement of financial position for the account of allowance for doubtful accounts at the end of the fiscal year will be based on seniority annexed following accounts: Days outstanding accounts Quantity Collection Probability Less than 16 days $ 350,000 .98 Between 16 and 30 days $ 110,000 .90 Between 31 and 45 days $ 75,000 .85 Between 46 and 60 days $ 41,000 .80 Between 61 and 75 days $ 22,000 .55 About 75 days $ 10,000 .00 Requirements: 1. Calculate what should be the balance of the allowance account for doubtful accounts at the end of the fiscal year. Two. Prepare wage entry to post the adjustment to the allowance account for doubtful accounts.
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