Compute the total estimated uncollectibles

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Reference no: EM131977388

Problem

Splish Brothers Inc. has accounts receivable of $100,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,262 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	2017	2016	Estimated Percentage Uncollectible
Current	$69,500	$77,290	2%
1-30 days past due	13,100	8,230	5
31-90 days past due	9,800	2,430	29
Over 90 days past due	8,000	1,190	50
	$100,400	$89,140

Determine the total estimated uncollectibles.

Prepare the adjusting entry at March 31, 2017, to record bad debt expense.

Reference no: EM131977388

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