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Exercise 8-06 a-b Cullumber Company has accounts receivable of $98,500 at March 31, 2022. Credit...

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Exercise 8-06 a-b Cullumber Company has accounts receivable of $98,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,977 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 2022 Age of Accounts 2021 $69,600 $70,010 2% Current 12,000 8,670 1-30 days past due 31-90 days past due 9,700 2,420 31 7,200 1,140 Over 90 days past due 49 $98,500 $82,240 Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles 24 SHOW LIST OF ACCOUNTS Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Account Titles and Explanation Credit

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