Question 7 of 8 -/ 30 E Prepare an aging schedule to determine the total estimated uncollectibles accounts at March 31, 2022. Accounts Receivable Amount Estimated Uncollectible Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts Prepare the adjusting entry at March 31, 2022, to record bad debts expense. (List all debit entries before credit entries. 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 Debit Credit Mar. 31 10
Question 7 of 8 -/ 30 E Prepare an aging schedule to determine the total estimated uncollectibles accounts at March 31, 2022. Accounts Receivable Amount Estimated Uncollectible Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts Prepare the adjusting entry at March 31, 2022, to record bad debts expense. (List all debit entries before credit entries. 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 Debit Credit Mar. 31 10
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Question 7 of 8
-/ 30
Prepare an aging schedule to determine the total estimated uncollectibles accounts at March 31, 2022.
Accounts Receivable
Amount
%
Estimated Uncollectible
$
2$
Current
1-30 days past due
31-90 days past due
Over 90 days past due
$
List of Accounts
Prepare the adjusting entry at March 31, 2022, to record bad debts expense. (List all debit entries before credit entries. 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
Debit
Credit
Mar. 31
I!

Transcribed Image Text:Question 7 of 8
>
-/ 30
Oak Ridge Corporation has accounts receivable of $95,500 at March 31, 2022. An analysis of the accounts shows these amounts.
Balance, March 31
Month of Sale
2022
2021
March (current)
$66,300
$76,200
February (1 - 30 days past due)
12,000
8,800
December and January (31 - 90 days past due)
9,300
2,700
(over 90 days past due)
7,900
1,200
$95,500
$88,900
Credit terms are n/30. At March 31, 2022, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts. The
company uses the percentage of receivables by age category for estimating uncollectible accounts Oak Ridge's estimates of bad debts
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%
Prepare an aging schedule to determine the total estimated uncollectibles accounts at March 31, 2022.
III
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education