Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Wildhorse Co. has accounts receivable of $ 94,400 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $ 2,115
Wildhorse Co. has accounts receivable of $ 94,400 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $ 2,115 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. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current $ 64,400 $ 81,960 2 % 1-30 days past due 13,300 7.240 5 31-90 days past due 9.100 2.260 32 Over 90 days past due 7,600 1,010 47 $ 94,400 $ 92,470 Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles $ e Textbook and Media List of Accounts 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.) Account Titles and Explanation Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started