(b)Your answer is partially correct.Prepare the adjusting entry at March 31 to record the credit losses for the period. (List debit entry before credit entry. Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter o for the amounts.)Date Account Titles and ExplanationMar. 31Credit LossesAllowance for Expected Credit LossesDebitCredit Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected CreditLosses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows:Number of DaysOutstanding(a)0-3031-6061-90Over 90TotalYour answer is correct.Age of Accounts0-30 days31-60 daysAccounts Receivable$258,00045,80061-90 daysOver 90 days32,600Amount27,300$363,700Prepare an aging schedule to determine the total estimated uncollectibles at March 31.%$258,000 2%45,800 10%32,600 30%Estimated PercentageUncollectible27,300 50%2%10%30%50%Estimated Uncollectible5160458097801365033170

A journal entry is a basic accounting record that is used to chronologically track financial…

Prepare the adjusting entry at March 31 to record the credit losses for the period. (L titles are automatically indented when amount is entered. Do not indent manually. If no er titles and enter O for the amounts.)

Prepare the adjusting entry at March 31 to record the credit losses for the period. (L titles are automatically indented when amount is entered. Do not indent manually. If no er titles and enter O for the amounts.)

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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