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Godfreid Company has accounts receivable of $95,400 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,100 credit balance
Godfreid Company has accounts receivable of $95,400 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,100 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 bad debts are as shown below. Balance, March 31 Age of Accounts 2022 Estimated Percentage Uncollectible 2021 Current $65,000 $75,000 12,900 8,000 1-30 days past due 31-90 days past due 10,100 2,400 Over 90 days past due 7,400 1,100 $95,400 $86,500 Determine the total estimated uncollectibles at March 31, 2022 Total estimated uncollectibles $ e Textbook and Media List of Accounts 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.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts
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