Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blue Spruce Corp. has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a

image text in transcribed

Blue Spruce Corp. 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 uncollectibles are as shown below. Balance, March 31 Age of Accounts 2022 2021 Estimated Percentage Uncollectible Current $65,300 $70,010 2 % 1-30 days past due 11.800 7,430 5 31-90 days past due 9,300 2,260 30 Over 90 days past due 7,100 1.130 50 $93,500 $80,830 (a) Your answer is correct Determine the total estimated uncollectibles at March 31, 2022. The total estimated uncollectibles $ eTextbook and Media 8.236) (b) List of Accounts - Your answer is partially correct. Attempts: 1 of 3 used 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Bad Debt Expe Allowance for Doubidid Accounts Debit 5.997 Credit 5.997

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Interpreting Accounting Information for Decision Making

Authors: Paul M. Collier

4th edition

978-111997967, 1119979676, 978-1119979678

More Books

Students also viewed these Accounting questions

Question

why you want to attend graduate school in general;

Answered: 1 week ago

Question

Can partitioned join be used for r r.A s? Explain your answer

Answered: 1 week ago

Question

1 6 List and explain three common biases in making decisions.

Answered: 1 week ago