The percentage of receivables approach to estimating bad debts expense is used by Hayes Company. On February 28, the firm had accounts receivable in the amount of $585,000 and Allowance for Doubtful Accounts had a credit balance of $370 before adjustment. Net credit sales for February amounted to $3,000,000. The credit manager estimated that uncollectible accounts would amount to 5% of accounts receivable. On March 10, an accounts receivable from Mark Dole for $2,100 was determined to be uncollectible and written off. However, on March 31, Dole received an inheritance and immediately paid his past due account in full.

Prepare the journal entries made by Hayes Company on the below dates:(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1.	February 28
2.	March 10
3.	March 31

Date	Account Titles and Explanation	Debit	Credit
Feb. 28
Mar. 10
Mar. 31
(To reinstate an account previously written off)
Mar. 31
(To record payment on account in full)

List Of Accounts CLOSE Additional Exercise 20

Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Cash Common Stock Cost of Goods Sold Dividends Income Tax Expense Income Taxes Payable Interest Receivable Interest Revenue Inventory No Entry Notes Receivable Other Operating Expenses Other Receivables Retained Earnings Sales Discounts Sales Returns and Allowances Sales Revenue Service Charge Expense Supplies Supplies Expense

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Assume no other transactions occurred that affected the allowance account during March. Determine the balance of Allowance for Doubtful Accounts at March 31.

Balance of Allowance for Doubtful Accounts at March 31

$

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