Question
Marin Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end. The percentage estimates of bad debts are as follows:
Marin Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end. The percentage estimates of bad debts are as follows: MARIN MERCHANDISING Aged Schedule of Accounts Receivable No. of Days Estimated % Outstanding Amount Uncollectible 0-30 days $61,300 0.40% 31-60 days 26,200 4.90% 61-90 days 12,000 22.00% Over 90 days 4,800 51.00% $104,300 Using the information above for Manoir Merchandising, prepare the adjusting entry to record bad debt expense for each of the following independent situations.
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