Q5- Presented below is an aging schedule for LG Company.
Customer
Total Not yet due
Number of Days Past Due
1-30 31-60 61-90 Over 90
Fadi
1,630
450
-
280
900
Hani
1,970
1,200
620
150
Samer
3,860
-
-
3,200
90
570
Karmel
7,845
4,800
1,850
285
-
910
Others
55,100
41,360
7,400
4,290
730
1,320
Total estimated
Estimated Percentage
Uncollectible
1%
4%
6%
10%
15%
Total Estimated Bad
Debts
Instruction
Calculate the bad debit expense for each category.
If the balance of allowance for the doubtful account is 2,400 credit Journalize the
adjusting entry of the bad debit expense.