Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company has accounts receivable of $101,124 at March 31, 2022. At March 31, 2022, there is a $2,226 balance in Allowance for Doubtful

image text in transcribedimage text in transcribed

Oriole Company has accounts receivable of $101,124 at March 31, 2022. At March 31, 2022, there is a $2,226 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 Estimated Percentage Age of Accounts Current 2022 2021 Uncollectible $68,900 $79,500 2 % 1-30 days past due 13,700 8,480 5 31-90 days past due 10,680 2,544 30 Over 90 days past due 7,844 1,166 50 $101,124 $91,690 (a) Your answer is correct. Determine the total estimated uncollectibles. (b) The total estimated uncollectibles $ 9189 eTextbook and Media List of Accounts Indicate the amount to record as bad debt expense on March 31, 2022. Bad Debt Expense CA $ Attempts: 1 of 3 used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Theory and Practice

Authors: Eugene F. Brigham, Michael C. Ehrhardt

15th edition

130563229X, 978-1305632301, 1305632303, 978-0357685877, 978-1305886902, 1305886909, 978-1305632295

More Books

Students also viewed these Finance questions

Question

How much can we afford to pay our players?

Answered: 1 week ago

Question

please dont use chat gpt or other AI 2 3 5 . .

Answered: 1 week ago