Bookmarks Develop Window Help a edugen.wileyplus.com Update cannot be started Re

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Bookmarks Develop Window Help a edugen.wileyplus.com Update cannot be started Reason: application not activated Leave Seller Feedback 201 1 Timeout alert Kimmel, Financial Accounting, 8e Help I System Announcements Open Assignment CALCULATOR PRINTER VERSION BACK NEXT ESOURCES Exercise 8-5 hec. has accounts receivable of $96,800 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,018 credit balance in Alowance proustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of se 8-3 se 8-4 se 8-7 ew 8-3 (Part bad debts are as shown below Balance, March 31 Estimated Percentage 2017 2016 Uncollectible Age of Accounts 5 (Part Level Current n) 2% $67,300 $78,800 1-30 days past due 12,000 8,350 31-90 days past due 10,500 2,600 Over 90 days past due7,000 1,050 $96,800 $90,800 32 re ults by Study Determine the total estimated uncollectibles. The total estimated uncollectibies SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS EXERCISE VIDEO: SIMILAR EXERCISE Prepare the adjusting entry at March 31, 2017, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Arrount Titles and Frnlanation nehit Credit greement 1 Privacy Policy1 02000-2017 John Wiley & Sons,Inc, All Rights Reserved. A Division of 2ohn Wiley & Sons Inc Version 4.24.2.4

Explanation / Answer

total Estimated uncollectible Age of accounts 2017 % Amount current 67,300 2% 1346 1-30 days past due 12,000 5% 600 31-90 days past due 10,500 32% 3360 over 90 days past due 7,000 47% 3290 Total Estimated uncollectible 8596 answer Adjusting entry Account titles & Explanations Debit Credit Bad debts expense 6578 Allwance for doubtful accounts 6,578 (8,596 - 2,018)

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