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Prepare the adjusting entry at march 31,2018, to record bad debts expenses.

Prepare the adjusting entry at march 31,2018, to record bad debts expenses.

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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Prepare the adjusting entry at march 31,2018, to record bad debts expenses.
Date Account Titles and Explanation Mar. 31 Debit for the amounts.) Credit
Transcribed Image Text:Date Account Titles and Explanation Mar. 31 Debit for the amounts.) Credit
Current Attempt in Progress Benton Corporation has accounts receivable of $94,300 at March 31, 2018. An analysis of the accounts shows these amounts. March (current) February (1-30 days past due) December and January (31- 90 days past due) (over 90 days past due) Month of Sale Age of Accounts Current 1-30 days past due 31-90 days past duel Over 90 days past due (a) Estimated Percentage Uncollectible 2% 6% 30% Balance, March 31 50% 2018 $65,200 Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,300 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Benton's estimates of bad debts are as shown below. 11,500 10,800 6,800 $94,300 2017 $75,900 8,000 2,300 1,100 $87,300 MacBook Air
Transcribed Image Text:Current Attempt in Progress Benton Corporation has accounts receivable of $94,300 at March 31, 2018. An analysis of the accounts shows these amounts. March (current) February (1-30 days past due) December and January (31- 90 days past due) (over 90 days past due) Month of Sale Age of Accounts Current 1-30 days past due 31-90 days past duel Over 90 days past due (a) Estimated Percentage Uncollectible 2% 6% 30% Balance, March 31 50% 2018 $65,200 Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,300 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Benton's estimates of bad debts are as shown below. 11,500 10,800 6,800 $94,300 2017 $75,900 8,000 2,300 1,100 $87,300 MacBook Air
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