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by | Jun 24, 2023 | Posted Assignments

Exercise 8-4

Menge Company has accounts receivable of $93,100 at March 31.

Month of Sale

Balance, 

March 31

Average Age

of Receivables

Outstanding

March$60,00016daysFebruary17,60048daysJanuary8,50073daysPrior to January7,000110days93,100

Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,200 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company’s estimate of bad debts is shown below.

Age of Accounts

Estimated Percentage

Uncollectible

1-30 days2.0%31-60 days5.0%61-90 days20.0%Over 90 days50.0%

Your answer is incorrect. Try again.  

Determine the total estimated uncollectibles.

Total estimated uncollectibles$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Your answer is partially correct. Try again.  

Prepare the adjusting entry at March 31 to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 31

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