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Activity: Menge company has the following aging schedule of their accounts receivables as of March 31st. Total Balance as Estimated Percentage Total $ Estimated
Activity: Menge company has the following aging schedule of their accounts receivables as of March 31st. Total Balance as Estimated Percentage Total $ Estimated Age of A/R of 3/31 Uncollectable Uncollectable 1-30 Days $77,300 3% 31-60 Days $22,900 5% 61-90 Days $9,400 24% 91+ Days $7,200 54% $116,800 Total Balance 1) Prepare the journal entry for bad debt expense on 3/31, assuming a credit (positive) balance of $1,400 in the Allowance for Doubtful Accounts before adjustment. Date 3/31 Account Debit Credit 2) Prepare the journal entry for bad debt expense on March 31st, assuming instead that the company has a debit (negative) balance of $1,400 in the Allowance for Doubtful Accounts before adjustment. Date 3/31 Account Debit Credit 3) On April 5th, a customer's $1000 accounts receivable balance for Menge company has been declared uncollectable. Record the journal entry to write-off this balance. Date 4/5 Account Debit Credit
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