Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sheridan company has accounts receivable of $94,30

Sheridan Company has accounts receivable of $94,300 at March 31, 2022. Credit terms are 2/10,6/30....

50.1K

Verified Solution

Question

Accounting

image
image
Sheridan Company has accounts receivable of $94,300 at March 31, 2022. Credit terms are 2/10,6/30. At March 31, 2022, there is a $2,271 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 Age of Accounts 2022 2021 Uncollectible Current $63.400 $80,240 2 % 1-30 days past due 13.200 7.500 5 31-90 days past due 11.000 2.170 32 Over 90 days past due 7.200 1.130 $94.800 591,040 54 Determine the total estimated uncollectibles at March 31, 2022 Total estimated uncollectibles Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Decision #1:   Which set of Cash Flows is worth more now? Assume that your grandmother wants to...

Finance
Q

What is a pilot study and a pretest? Why they are important before finalizing a questionnaire?

Operations Management
Q

Which has NOT been used as a cognitive behavioral treatment for Alzheimer s disease Odoing...

Biology
Q

16 Find the area of the figure below when a 112 r 12 cm and...

Geometry
Q

Two trains leave Cleveland at the same time. One train travels east and the other...

Basic Math
Q

The equation P = 3s represents the perimeter P of an equilateral triangle with side...

Basic Math
Q

! Required information Exercise 8-9A Computing and recording straight-line versus double-declining-balance depreciation LO...

Accounting
Q

Krollon Company uses the FIFO method in its...

Accounting
Q

Comparing ABC and Plantwide Overhead Cost Assignments Wellington Chocolate Company uses activity-based costing (ABC). The...

Accounting
Q

Cove's Cakes is a local bakery. Price and cost information follows: Required: 1. Determine Cove's...

Accounting
Q

Light emitting diode (LEDs) light bulbs have become required in recent years, but do they...

Accounting
Q

The Corp has signed a 5-year lease for new production equipment. The lease calls for...

Accounting