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Homework Help: Solved 101918

Exercise 8-5 Stine Company has accounts receivable of $106,400 at March 31, 2014. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2014 2013 March $74,700 $76,700 February 12,200 7,200 December and January 12,000 2,700 November and October 7,500 1,500 $106,400 $88,100 Credit terms are 3/10, n/30. At March 31, 2014, there is a $2,400 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. Age of Accounts Estimated Percentage Uncollectible Current 3 % 1–30 days past due 6 31–90 days past due 32 Over 90 days past due 52 Determine the total estimated uncollectibles. The total estimated uncollectibles $ Prepare the adjusting entry at March 31, 2014, 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 Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

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