https://edugen.wileyplus.com/edugen/student/mainfr.uni 0 Weygandt, Financial & M

Question

https://edugen.wileyplus.com/edugen/student/mainfr.uni 0 Weygandt, Financial & Managerial Accounting, 2e Gradebook ORION Downloadable eTextbook Exercise 8-4 Menge Company has accounts receivable of $115,800 at March 31 Average Age Balance, of Receivables Month of Sale March February January Prior to January March 31 $75,700 22,200 9,100 8,800 115,800 Outstanding 16 days 48 days 73 days 110 days Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,500 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below. Estimated Percentage Age of Accounts 1-30 days 31-60 days 61-90 days Over 90 days Uncollectible 4.0% 5.0% 20.0% 55.096 Your answer is correct. Determine the total estimated uncollectibles.

Explanation / Answer

10798 ADJUSTING ENTRY Date General Journal Debit Credit .March 31 Bad debt expense $9,298 (10798-1500) 9298 Allowance for doubtful accounts $9,298 )( To record allowance for doubtful accounts as on March31

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