1. Describe accounts receivable and how they are recorded in the accounting system.
2. Use this table to answer the questions below the table
Schedule of Accounts Receivable by Age
December 31, 2020 Accounts Receivable
Age of Accounts Receivable
Expected
Percentage
Uncollectible
140,000
Not yet due
0.75%
60,000
1-30 days past due
4%
19,000
31-60 days past due
10%
5,000
61-90 days past due
60%
7,000
Over 90 days past due
90%
Allowance for doubtful accounts
2.1 Calculate the amounts in the Allowance for doubtful accounts column
2.2. Present the appropriate general journal entry to record bad debts expense on December 31, 2020.
