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(b) 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) Date Mar. 31 e Textbook and Media List of Accounts Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 6 used Submit Answer

(b) 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) Date Mar. 31 e Textbook and Media List of Accounts Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 6 used Submit Answer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(b) 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) Date Mar. 31 e Textbook and Media List of Accounts Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 6 used Submit Answer
Transcribed Image Text:(b) 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) Date Mar. 31 e Textbook and Media List of Accounts Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 6 used Submit Answer
Pharoah Company has accounts receivable of $104,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 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 Current 1-30 days past due 31-90 days past due Over 90 days past due (a) 2022 Your answer is correct. $62,100 25.800 List of Accounts Balance, March 31 9,300 2.400 7,300 1,100 $104,500 $86,500 Total estimated uncollectibles eTextbook and Media 2021 $75,000 8.000 Estimated Percentage Uncollectible Determine the total estimated uncollectibles at March 31, 2022 3% 7% 10009 25% 55%
Transcribed Image Text:Pharoah Company has accounts receivable of $104,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 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 Current 1-30 days past due 31-90 days past due Over 90 days past due (a) 2022 Your answer is correct. $62,100 25.800 List of Accounts Balance, March 31 9,300 2.400 7,300 1,100 $104,500 $86,500 Total estimated uncollectibles eTextbook and Media 2021 $75,000 8.000 Estimated Percentage Uncollectible Determine the total estimated uncollectibles at March 31, 2022 3% 7% 10009 25% 55%
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