enge Company has accounts receivable

by | Mar 18, 2020 | Uncategorized

  

enge Company has accounts receivable of $108,000 at March 31.

Month of Sale

Balance,

March 31

Average Age

of Receivables

Outstanding

March$70,40016daysFebruary19,40048daysJanuary9,30073daysPrior to January8,900110days108,000

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

Estimated Percentage

Uncollectible

1–30 days2.0%31–60 days5.0%61–90 days25.0%Over 90 days51.0%

(a)

Determine the total estimated uncollectibles.

Total estimated uncollectibles$

  

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