Schedule of accounts receivable by age days past due

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Unformatted text preview: Over 60 December 31, 2012 Accounts Estimated Percent Receivable Balance Uncollectible $ $ $ × =$ 50,000 5.00% 2,500 45,000 15,000 5,000 2,000 67,000 • Estimated Allowance $ 3% 5% 10% $ 850 900 450 250 200 900 Allowance for I mpairment of A/R 200 200 2,300 2,500 Not allowed in FRS as FRS based on incurred loss model rather than expected loss model As less likely for manager to manipulate the estimate. 5 6 When a customer makes a payment after an account has been written off, two journal entries are required. 7 8...
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