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Menge Company has accounts receivable of $108,600 at March 31. Credit terms are 2/10, n/30. At...
Menge Company has accounts receivable of $108,600 at March 31. Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,500 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below. Age of Accounts Balance, March 31 Estimated Percentage Uncollectible 1–30 days $71,900 3% 31–60 days 19,700 7% 61–90 days 9,400 23% Over 90 days 7,600 51% 108,600 Determine the total estimated uncollectibles. A)Total estimated uncollectibles B)Prepare the adjusting entry at March 31 to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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