Godfreid Company has accounts receivable of $95,400 at March 31, 2022. Credit terms are 2/10,n/30. At...
Godfreid Company has accounts receivable of $95,400 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,100 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.
Determine the total estimated uncollectibles at March 31, 2022.
Prepare the adjusting entry at March 31, 2022, to record bad debt expense.
Homework Answers
Schedule
| Days | Account receivable | % Uncollectible | $ Uncollectible |
| Current | 65000 | 2% | 1300 |
| 1-30 | 12900 | 5% | 645 |
| 31-90 | 10100 | 30% | 3030 |
| Over 90 | 7400 | 50% | 3700 |
| Total | 8675 |
Total estimated uncollectible = $8675
b) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (8675-2100) | 6575 | |
| Allowance for doubtful accounts | 6575 | ||
| (To record adjusting entry) |
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