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Q1) Montgomery Burns Company had $700 credit balance in Allowance for Doubtful Accounts at December 31, 2001, before current year's (2001) provision for uncollectible accounts. Aging of accounts receivable revealed following:

    Estimated Percentage Uncollectible
Current Accounts $120,000 1%
1-30 days past due 12,000 3%
31-60 days past due 10,000 6%
61-90 days past due 5,000 12%
Over 90 days past due 8,000 30%
Total Accounts Receivable $155,000  

Suppose that company uses percentage of receivables allowance method, make adjusting entry on December 31, 2001, to identify bad debts expense.

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