Sheffield Corp. has accounts receivable of $94,400 at March 31, 2017. Accounts p

Question

Sheffield Corp. has accounts receivable of $94,400 at March 31, 2017. Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below terms are 2/10, n/30. At March 31, 2017, there is a $2,115 credit balance in Allowance for Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due 2017 2016 Uncollectible 2% 7,240 2,260 1.010 $94,400 $92,470 13,300 9,100 2,600 47 SHOW LIST OF

Explanation / Answer

Accounts Age of accounts receivable % uncollectible Uncollectible amount Current 64400 2% 1288 1-30 days past due 13300 5% 665 31-90 days past due 9100 32% 2912 over 90 days past dues 7600 47% 3572 94400 8437 Total estimated uncollectible 8437 Total estimated uncollectible 8437 Beginnning uncollectible balance -2115 Bad debt expense 6322 31-Dec-17 Bad debt expense 6322              Allowance for uncollectible accounts 6322

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