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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
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.
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