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Sheffield Company has accounts receivable of $114,600 at March 31,2022 . Credit terms are 2/10,n/30. At March 31, 2022, there is a $1,300 credit balance
Sheffield Company has accounts receivable of $114,600 at March 31,2022 . Credit terms are 2/10,n/30. At March 31, 2022, there is a $1,300 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. Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles $ eTextbook and Media List of Accounts Attempts: 0 of 2 used (b) Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Sheffield Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022 . The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $21,500 cash to Manny Lopez on a 12 month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc, receiving a $59,400, 90 -day, 10% note. 16 Received a $62,400,180 day, 12% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Sheffield Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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