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Leland Hotels has accounts receivable of $98,100 at March 31. An analysis of the accounts shows the following:
Month of Sale
Balance, March 31
March
$65,000
February
17,600
January
8,500
Prior to January
7,000
$98,100
Credit terms are 2/10, n/30. On March 31, Allowance for Doubtful Accounts has a credit balance of $1,200 prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is as follows:
Age of Accounts
Estimated Percentage Uncollectible
1-30 days
2.0%
30-60 days
5.0%
60-90 days
30.0%
Over 90 days
50.0%
Instructions
(a) Determine the total estimated uncollectible.
(b) Prepare the adjusting entry at March 31 to record bad debts expense.
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