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Please solve this problem: Exercise 8-5 Godfreid Company has accounts receivable of $95,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31,
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Exercise 8-5 Godfreid Company has accounts receivable of $95,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,100 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. Estimate Balance, March 31 Percentage Age of Accounts 2017 2016 uncollectible Current $65,000 $75,000 2% 1-30 days past due 12,900 8,000 31-90 days past due 10,100 2,400 30 Over 90 days past due 7,400 1,100 50 $95,400 $86,500 Determine the total estimated uncollectibles. The total estimated uncollectibles SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISEStep by Step Solution
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