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Question: Menge Company has accounts receivable of $115,800 at March 31.

Month of Sale	Balance, March 31	Average Age of Receivables Outstanding
March	$75,700	16	days
February	22,200	48	days
January	9,100	73	days
Prior to January	8,800	110	days
	115,800

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 days		4.0%
31-60 days		5.0%
61-90 days		20.0%
Over 90 days		55.0%

Prepare the adjusting entry at March 31 to record bad debt expense.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92573687

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