Menge Company has accounts receivable of $93,100 at March 31. An analysis of the accounts shows the following information.
| Month of Sale Don't use plagiarized sources. Get Your Custom Essay on determine the total estimated un collectibles 617239 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Balance, March 31 |
| March | $60,000 |
| February | 17,600 |
| January | 8,500 |
| Prior to January | 7,000 |
| $93,100 |
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 |
| 1-30 days | 2.0% |
| 31-60 days | 5.0% |
| 61-90 days | 20.0% |
| Over 90 days | 50.0% |
Instructions
(a)Determine the total estimated un collectibles.
(b)Prepare the adjusting entry at March 31 to record bad debt expense.
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