Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blossom Company has accounts receivable of W107,000 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is aw1.300 credit balance
Blossom Company has accounts receivable of W107,000 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is aw1.300 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. Estimated Percentage Uncollectible Age of Accounts Balance, March 31 2020 2019 Current W68,000 W75,000 3% 1-30 days past due 21,900 8,000 5% 31-90 days past due 9.500 2,400 25% Over 90 days past due 7.600 1,100 50% W107,000 W86,500 Part 1 Your answer is incorrect Determine the total estimated uncollectibles Total estimated uncollectibles W
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started