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Greencastle Corporation has accounts receivable of $94,300 at March 31, 2018. An analysis of the accounts shows these amounts. Month of Sale March (current) February
Greencastle Corporation has accounts receivable of $94,300 at March 31, 2018. An analysis of the accounts shows these amounts. Month of Sale March (current) February (1 - 30 days past due) December and January (31 - 90 days past due) (over 90 days past due) Balance, March 31 2018 2017 $65,200 $75,900 11,500 8,000 10,800 2,300 6,800 1,100 $94,300 $87,300 Credit terms are 2/10,n/30. At March 31, 2018, there is an unadjusted $2,300 credit balance in Allowance for Doubtful Accounts. The company uses the percentage Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Estimated Percentage Uncollectible 2% 6% 30% 50% (a) Your answer is correct. Prepare an aging schedule to determine the total estimated uncollectibles at March 31, 2018. Accounts Receivable Amount Estimated Uncollectible 1304 Current $ 2 $ 690 1-30 days past due 31-90 days past due 65,200 11,500 10,800 6,800 3240 Over 90 days past due 3400 8634 e Textbook and Media List of Accounts (b) Prepare the adjusting entry at March 31, 2018, to record bad debts expense. (Credit account titles are automatically indented when amount is entere Debit Credit Date Account Titles and Explanation Mar. 31
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