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Exercise 9-4 Menge Company has accounts receivable of $94,300 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 $94,300 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 Estimated Age of Balance, Percentage 1-30 days 31-60 days 61-90 days Over 90 days Accounts March 31 Uncollectible $61,000 17,600 8,600 7,100 94,300 2010 5% 2090 50% Determine the total estimated uncollectibles Total estimated uncollectibles
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