ID edugen.wileyplus.com | WileyPLUS Blue Spruce Corp. has accounts receivable of
ID: 2543059 • Letter: I
Question
ID edugen.wileyplus.com | WileyPLUS Blue Spruce Corp. has accounts receivable of $93,500 WileyPLs.an Kimmel, Accounting, 6e Help I Sys tem Announcements CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 8-5 Homework Chapter Bief Exercise 8-5 Briof Exercise 8-7 Briaf Exercise 8 Blue Spruce Corp. has accounts recevable of s93,500 at March 31, 2017. Credit terms are 2/1O, n/30. At March 31, 2017, there is a $2,212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectibe accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated 2016 Uncollectible Age of Accounts Current 1-30 days past du 31-90 days past due Over 90 days past due 2017 Exercise Exercise 8-3 2% $65,200 70,010 11,800 7,430 9,300 2,260 7,1001.130 $93,500 $80,830 Excrciac 9-10 47 Review Scone Review Results by Study Determine the total estimated uncollecibles The total estimated uncollectibles SHOW LIST OF ACCOUNTS LTNK TO TEXT VIDEOt APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare the adusing entry at March 31, 2017, to record bad debt expensc. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Qen Show W Question Attempts: O of 5 used SAVE FOR LATER SUB MIT ANSWERExplanation / Answer
1.
The total estimated uncollection on 2017 = $8,209
2.
Journal entry
Age of Accounts Balance, Estimated Percentage Estimated Uncollectible amount (Balance * Percentage) 2017 Uncollectible Current $65,300 2.00% $1,306.00 1–30 days past due $11,800 5.00% $590.00 31–90 days past due 9,300 32.00% $2,976.00 Over 90 days 7,100 47.00% $3,337.00 Total 93,500 $8,209