Sandhill Co. has accounts receivable of $97,200 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, ther...
Sandhill Co. has accounts receivable of $97,200 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,891 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.
Total estimated uncollectible = _______
Prepare the adjusting entry at March 31, 2022, to record bad debt expense.
Homework Answers
a.
| Amt | |
| Current (64800*2/100) | 1296 |
| 1-30 (13800*5/100) | 690 |
| 31-90 (10500*29/100) | 3045 |
| 90+ (8100*47/100) | 3807 |
| Total | 8838 |
Total Estimated Uncollectibles: 8838
b. Since $1891 is already lying in credit balance of Allowance a/c, we have to provide for the balance ie 8838-1891 = 6947. The entry is -
| 31-mar-22 | Bad debt expense a/c Dr | 6947 | |
| To Allowance for Doubtful accounts | 6947 | ||
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