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need help with part c) please explain Cato Ltd. has an Accounts Receivable amount of $340,200 and an unadjusted credit balance in Allowance for Doubtful
need help with part c) please explain Cato Ltd. has an Accounts Receivable amount of $340,200 and an unadjusted credit balance in Allowance for Doubtful Accounts of $9,700 at March 31. The company's accounts receivable and percentage estimates of its uncollectible accounts are as follows: Number of Days Outstanding 0-30 31-60 61-90 Over 90 Total Accounts Receivable $234,000 49,900 31,500 24,800 $340,200 Estimated Percentage Uncollectible 2% 10% 30% 50% (a) Your answer is correct Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Age of Accounts Amount % Estimated Uncollectible 4680 0-30 days $234,000 2% 31-60 days 49.900 10% 4990 61-90 days 31.500 30% 9450 Over 90 days 24.800 50% 12400 $ 31520 (b) Your answer is correct. Prepare the adjusting entry at March 31 to record bad debts expense. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account ditles and enter Ofor the amounts) Date Debit Credit Account Titles and Explanation Bad Debts Expense Mar. 31 21820 Allowance for Doubtful Accounts 21820 eTextbook and Media Assistance Used List of Accounts Attempts: unlimited (C) * Your answer is incorrect What is the carrying amount of the receivables at March 312 Carrying amount $ 308686
need help with part c) please explain
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