Sheridan Company has accounts receivable of $87,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $2,244 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

Exercise 8-06 a-b (Video) Sheridan Company has accounts receivable of $87,400 at March 31, 2020. Credit terms are 2/ estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2020 2019 Uncollectible Current $59,100 $78,000 2% 1-30 days past due 12,000 8,780 5 31-90 days past due 9,200 2,350 30 Over 90 days past due 7,100 1,210 53 $87,400 $90,340 Determine the total estimated uncollectibles. The total estimated uncollectibles $ Prepare the adjusting entry at March 31, 2020, to record bad debt expense. (Credit account Account Titles and Explanation Debit Credit