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Determine the total estimated uncollectibles

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Exercise 8-5 Wildhorse Co. has accounts receivable of $92,000 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,230 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 61600 78910 2%
1-30 days past due 14100 7420 5
31-90 days past due 9500 2280 31
Over 90 days past due 6800 1200 52
  92000 89810  

Determine the total estimated uncollectibles.

Prepare the adjusting entry at March 31, 2017, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM131794721

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