Exercise 8-06 a-b Sheridan Company has accounts receivable of $100,400 st March 31, 2022. Credit...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Exercise 8-06 a-b Sheridan Company has accounts receivable of $100,400 st March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, 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 Age of Accounts Percentage 2022 2021 Uncollectible Current $69.500 $77,290 25 1-30 days past due 13.100 5,230 5 31-90 days past due 9,800 2430 20 Over 90 days past den 8.000 1,190 50 $100.400$89,140 Determine the total estimated uncollectibles at March 1, 2012 Total estimated uncollectibles Prepare the adjusting entry at March 31, 2022. to record bad dubt expertise. (Credit account titles are automatically indented when amount is format. Do not indenit manually.) Account Tiles and Explanation Det C
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
