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Exercise 8-4 Menge Company has accounts receivable of $93,100 at March 31.
Exercise 8-4
Menge Company has accounts receivable of $93,100 at March 31.
Month of Sale
Balance,
March 31
Average Age
of Receivables
Outstanding
March$60,00016daysFebruary17,60048daysJanuary8,50073daysPrior to January7,000110days93,100
Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,200 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below.
Age of Accounts
Estimated Percentage
Uncollectible
1-30 days2.0%31-60 days5.0%61-90 days20.0%Over 90 days50.0%
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Determine the total estimated uncollectibles.
Total estimated uncollectibles$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
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Prepare the adjusting entry at March 31 to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
