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Exercise 9-4 Menge Company has accounts receivable of $115,900 at March 31. Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has
Exercise 9-4 Menge Company has accounts receivable of $115,900 at March 31. Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,300 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. 4% Estimated Age of Balance, Percentage Accounts March 31 Uncollectible 1-30 days $73,900 31-60 days 24,200 6% 61-90 days 9,400 22% Over 90 days 8,400 51% 115,900 Determine the total estimated uncollectibles. Total estimated uncollectibles SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting entry at March 31 to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Mar. 31 Click if you would like to Show Work for this question: Open Show Work
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