Exercise 8-4 (Part Level Submission) Menge Company has accounts receivable of s1

Question

Exercise 8-4 (Part Level Submission) Menge Company has accounts receivable of s117,800 at March 31 An analysis of the accounts shows the following information. Month of Sale March Fabruary anuary Prior to January March 31 580,500 20,600 9,400 7.300 117,800 Credit terms are 2/10, n/30. At March 31, Allawance for Doubtful Accounts hascredit balance of $1,360 prior to adjustment. The company uscs the percentage of-reccivables basis for estimating u c accounts. The company's estimate of bad debts is shown below. Age of 1-30 days 31-60 days 61-90 days Over 90 days 3% 5% 25% Your answer is correct. Determine the total estimated uncollectibles. Total estimated uncollectibles 9737 Attempts: 1 of 5 used Your answer is partially correct. Try again. prepare th dJusting cntry t March 31 record bod dcbt expense. (credit account titles are automatically indented when amount ls entered. Do tot indent manually.) Account Tides a Debts lowance for Doubtful Attempts; of S used

Explanation / Answer

Total estimated uncollectible 9,737

less: Credit balance in Allowance for Doubtful Accounts (1,360)

To record bad debt 8,377

Account Titles and Explanation Debit Credit Bad Debts Expense    8,377 Allowance for Doubtful Accounts    8,377

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