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

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Accounting

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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

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