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Parry Company has accounts receivable of $95,400 at March 31, 2012. An analysis of the accounts shows these amounts.
Balance, March 31
Month of Sale
2012
2011
March
$65,000
$75,000
February
12,900
8,000
December and January
10,100
2,400
November and October
7,400
1,100
$95,400
$86,500
Credit terms are 2/10, n/30. At March 31, 2012, 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.
Estimated Percentage
Age of Accounts
Uncollectible
Current
2%
1-30 days past due
5
31-90 days past due
30
Over 90 days past due
50
Instructions
(a) Determine the total estimated uncollectibles.
(b) Prepare the adjusting entry at March 31, 2012, to record bad debts expense.
(c) Discuss the implications of the changes in the aging schedule from 2011 to 2012.
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