Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. receivable of $95,400 at march 31, 2017. credit te

receivable of $95,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31,...

90.2K

Verified Solution

Question

Accounting

image
receivable of $95,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,100 credit balance prior to adjustment. The company uses the percentage of-receivables basis for estimating uncollectible accounts. The Es-S Godficid Company has accounts in Allowance for Doubtful Accounts company's estimates of bad debts are as shown below Curent 1.30 days pas t due 31-90 days past due Over 90 days past due 65,000 12,900 10,100 7,400 $95,400 $75,000 8,000 2.400 1,100 $86,500 Instructions (a) Determine the total estimated uncollectibles (b) Prepare the adjusting entry at March 31, 2017, to record bad debt expense (c) Discuss the implications of the changes in the aging schedule from 2016 to 2017

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Would frequent brief project evaluations be best, or would less frequent major evaluations be preferred? Explain...

Basic Math
1.2K views

Assume that the differences are normally distributed. Complete parts ?(a) through ?(d) below. Observation 1 2...

Physics
1.2K views

S a 6 23 A particle having charge q enters a region of uniform magnetic...

Basic Math
1.2K views

Blood tests of 100 people showed that 46 had the A antigen and 28 had...

Accounting
1.2K views

Linda Blair found the following when carrying out her bank reconciliation:...

Accounting
1.2K views

pleas ehelp me The production budget shows expected...

Accounting
1.2K views

Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Incone Statements For Years...

Accounting
1.2K views

Give an example of three types of national quality awards and explain how many criteria...

Accounting
1.2K views

When discussing financial statements, define the relationship between the balance sheet, income statement, and the...

Accounting
1.2K views

During the risk assessment phase, the auditor makes a judgement on the industry in which...

Finance
1.2K views

I really need help finding the price of each security if purchased 1,000 games and...

Finance
1.2K views

I need help completing the mulitstep income statement 3. Preparing a single-step...