E8-5 Godfreid Company has accounts receivable of $95,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,100 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 Determ prepar (LO 2), shown below. Balance, March 31 Estimated Percentage Age of Accounts 2017 2016 Uncollectible Current 1-30 days past due 31-90 days past due Over 90 days past due $65,000 12,900 10,100 7,400 $75,000 8,000 2,400 1,100 $86,500 2% 30 50 $95,400 Instructions (a) Determine the total estimated uncollectibles. (6) Prepare the adjusting entry at March 31, 2017, to record bad debt expense. 1C) Discuss the implications of the changes in the aging schedule from 2016 to 2017. htful Accounts had a debit

E8-5 Godfreid Company has accounts receivable of $95,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,100 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 Determ prepar (LO 2), shown below. Balance, March 31 Estimated Percentage Age of Accounts 2017 2016 Uncollectible Current 1-30 days past due 31-90 days past due Over 90 days past due $65,000 12,900 10,100 7,400 $75,000 8,000 2,400 1,100 $86,500 2% 30 50 $95,400 Instructions (a) Determine the total estimated uncollectibles. (6) Prepare the adjusting entry at March 31, 2017, to record bad debt expense. 1C) Discuss the implications of the changes in the aging schedule from 2016 to 2017. htful Accounts had a debit

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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