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Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,296 credit balance
Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,296 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. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $66,400 $68,240 12,600 7,280 9,100 2,540 7,400 1,090 $95,500 $79,150 Estimated Percentage Uncollectible 2 % 5 28 48 (a) Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles $ $
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