Answer 1 | Total estimated uncollectibles | 8058 |
Calculated as
Age of Accounts | receivable | % | Uncollectible Allowance |
Current | $ 66,400 | 2% | $ 1,328 |
1 to 30 | $ 12,600 | 5% | $ 630 |
31 to 90 | $ 9,100 | 28% | $ 2,548 |
ove 90 days | $ 7,400 | 48% | $ 3,552 |
Total | $ 8,058 |
Answer 2 ( if needed)
Date | Account | Debit | Credit |
March 31, 2022 | Bad debts expense | $ 5,762 | |
Allowance for doubtful accounts | $ 5,762 | ||
(To record bad debt expense) |
Bad debt expenses = $ 8058-2296 = $5762
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Exercise 3-06 ab Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms...
CALCULATOR PRINTER VERSION BACK NEXT Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. % Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31...
Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts p adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated - Percentage Age of Accounts 2022 2021 Uncollectible Current $66,400 $68,240 1-30 days past due 12,600 7,280 31-90 days past due 9,100 2,540 Over...
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Carla Vista Co. has accounts receivable of $92.600 at March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $2,154 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Estimated Percentage Uncollectible Age of Accounts Current 1-30 days past due Balance, March 31 7 2022 2021 $60,500 $77.250 14,000 7,550 2,370 8,000 1.170 $92,600...
Blossom Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,230 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Estimated Percentage Uncollectible Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $61,600...
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2.212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current 1-30 days past due 31-90 days past due Over 90 days past due $65,300 $70,010...
Cullumber Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,949 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts Uncollectible 2022 2021 Current $61,400 $76,320 2% 1-30 days past due 13,800 8,280 31-90 days past due 9,900...
Exercise 9-06 a-b Whispering Company has accounts receivable of $108,600 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 credit balance in Allowance for Doubtful Accounts 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 Current 1-30 days past due 31-90 days past due Over 90 days past due Estimated Balance, Percentage March 31 Uncollectible 2020...
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