Please fill in the blanks and show your steps The following

Please fill in the blanks and show your steps

The following information was taken from the accounts receivable records of Flint Corporation as at December 31, 2017: Outstanding Percentage Estimated Balance 0 30 days outstanding 1- 60 days outstanding 61-90 days outstanding 91- 120 days outstanding Over 120 days outstanding $156,000 56,400 46,100 26,200 4,100 to be Uncollectible 0.5% 2.5% 4.0% 6.5% 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,100 prior to the adjustment. (Round answers to 0 decimal places, e.g. 8,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,400 prior to the adjustment. (Round answers to 0 decimal places, e.g. 8,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts

Solution

outstanding percetage total Balance estimated bad debts 0---30 Days outstanding 156,000 0.50% 780 31---60 Days outstanding 56,400 2.50% 1410 61---90 Days outstanding 46,100 4.00% 1844 91---120 Days outstanding 26,200 6.50% 1703 0ver 120 Days outstanding 4,100 10.00% 410 total 6147 Account titles & Explanations Debit Credit A) Bad debts expense 5047 Allowance for Doubtful accounts 5,047 (6,147-1,100) B) Bad debts expense 10547 Allowance for Doubtful accounts 10,547 (6147+4400)