Blue Spruce Corp, has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a$2,212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basisfor estimating uncollectible accounts. The company's estimates of uncollectibles are as shown below.Age of AccountsCurrent1-30 days past due31-90 days past dueOver 90 days past due(a)Balance, March 312021$70,0102022(b)$65,30011,8009,3007,100$93.500Your answer is correct.List of AccountsThe total estimated uncollectibleseTextbook and Media7,430Determine the total estimated uncollectibles at March 31,2022.2,260Allowance for Doubhd Accounts1.130$80,830Your answer is partially correct.Estimated PercentageUncollectible2 %53050Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter 0 for the amounts)Account Titles and ExplanationDebit5.997Attempts: 1 of 3 usedCredit5,997

Journal entry is the primary step to record the transaction in the books of account. The adjusting…

Blue Spruce Corp. has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,212 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 uncollectibles are as shown below Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $65,300 $70,010 11,800 7,430 2,260 1.130 9,300 (b) 7.100 $93.500 $80,830 Your answer is correct. Determine the total estimated uncollectibles at March 31, 2022 The total estimated uncollectibles $ List of Accounts eTextbook and Media Your answer is partially correct. Estimated Percentage Uncollectible Account Titles and Explanation 8.236 2589 2% 30 50 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. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Debit 5.997 Attempts: 1 of 3 used Credit 5,997

Blue Spruce Corp. has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,212 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 uncollectibles are as shown below Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $65,300 $70,010 11,800 7,430 2,260 1.130 9,300 (b) 7.100 $93.500 $80,830 Your answer is correct. Determine the total estimated uncollectibles at March 31, 2022 The total estimated uncollectibles $ List of Accounts eTextbook and Media Your answer is partially correct. Estimated Percentage Uncollectible Account Titles and Explanation 8.236 2589 2% 30 50 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. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Debit 5.997 Attempts: 1 of 3 used Credit 5,997

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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