Weygandt, Accounting Principles, 12e Assignment Gradebook ORION Downloadable eTe
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Weygandt, Accounting Principles, 12e Assignment Gradebook ORION Downloadable eTextbook nt Exercise 9-4 Menge Company has accounts receivable of $113,300 at March 31. Credit terms are 2/10, n/30. At March uncollectible accounts. The company's estimate of bad debts is shown below Estimated Age of Balance, Percentage Accounts March 31 Uncollectible 1-30 days $76,100 296 31-60 days 19,800 6% 61-90 days Over 90 days 7,800 51% 9,600 25% 113,300 Determine the total estimated uncollectibles. Total estimated uncollectibles s LINK TO TEXT Prepare the adjusting entry at March 31 to record bad debt expense. (Credit account titles are automat Account Titles and Explanation Date Mar 31 1 Debit Credit PiLS 2020.2038 30hn wiley & Sons Jos, All Rights Reserved. A Division of 2ahn Wilex A sana, Inc.Explanation / Answer
Total Estimated Uncollectibles = $9,088
Age of Accounts Receivables
Balance
Percentage of Uncollectible
Total Estimated Uncollectible
1-30 Days
$76,100
2%
$1,522
31-60 Days
$19,800
6%
$1,188
61-90 Days
$9,600
25%
$2,400
Over 90 Days
$7,800
51%
$3,978
$9,088
Adjusting Entry at March 31 to record Bad Debt Expense
Date
Accounts Tittles and Explanations
Debit ($)
Credit ($)
March 31
Bad Debt Expense A/c
7,588
To Allowance for Doubtful Accounts
7,588
Bad Debt Expense
= Total Estimated Uncollectible – Credit balance in Allowance for Doubtful Accounts
= $9,088 – 1,500
= $7,588
Age of Accounts Receivables
Balance
Percentage of Uncollectible
Total Estimated Uncollectible
1-30 Days
$76,100
2%
$1,522
31-60 Days
$19,800
6%
$1,188
61-90 Days
$9,600
25%
$2,400
Over 90 Days
$7,800
51%
$3,978
$9,088
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