Balance, March 31 Month of Sale 2025 2024 March (current) $65,200 $75,900 February (1-30 days past due) 11,500 8,000 December and January (31 - 90 days past due) 10,800 2,300 (over 90 days past due) 6,800 1,100 $94,300 $87,300 Credit terms are n/30. At March 31, 2025, there is an unadjusted $2,300 credit balance in Allowance for Expected Credit Losses. The company uses the percentage of receivables by age category for estimating uncollectible accounts Beca's estimates of credit losses are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Accounts Receivable Amount % Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts $ $ $ Estimated Uncollectible Prepare the adjusting entry at March 31, 2025, to record credit losses. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit Credit

Balance, March 31 Month of Sale 2025 2024 March (current) $65,200 $75,900 February (1-30 days past due) 11,500 8,000 December and January (31 - 90 days past due) 10,800 2,300 (over 90 days past due) 6,800 1,100 $94,300 $87,300 Credit terms are n/30. At March 31, 2025, there is an unadjusted $2,300 credit balance in Allowance for Expected Credit Losses. The company uses the percentage of receivables by age category for estimating uncollectible accounts Beca's estimates of credit losses are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Accounts Receivable Amount % Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts $ $ $ Estimated Uncollectible Prepare the adjusting entry at March 31, 2025, to record credit losses. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit Credit

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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