(Answered) Question - a summary of klugman companys december 31 2009

Accounting

Question - A summary of Klugman Company's December 31, 2009, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:

Age Group Amount %

0-60 days $60,000 0.5

61-90days $22,000 1.0

91-120days $3,000 10.0

Over 120days $1,000 50.0

The allowance for uncollectible accounts had a balance of $1,400 on January 1, 2009. During the year, bad debts of $750 were written off.

Required: Prepare all journal entries for 2009 with respect to bad debts and the allowance for uncollectible accounts.

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