Exercise 8-23 Aging of Accounts Receivable York Company’s accounts receivable show the following… 1 answer below »

Exercise 8-23
Aging of Accounts Receivable

York Company's accounts receivable show the following balances:

York Company uses the aging-of-accounts-receivable procedure. The credit balance in the Allowance for Uncollectible Accounts is now $16,000. Analysis of collection experience suggests that York should use the following percentages to estimate the amounts that will eventually prove uncollectible: 0–30 days, 0.5%; 31–60 days, 1.0%; 61–120 days, 10%; and more than 120 days, 30%.

Prepare the journal entry to provide for estimated uncollectible accounts.

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