Question Details

(Solution Download) Leland Company has accounts receivable of $98,100 at March 31. An analysis of the accounts shows the


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leland Company has accounts receivable of $98,100 at March 31.

 

An analysis of the accounts shows the following information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Month of Sale

 

 

Balance,

 

March 31

 

March$65,000
February17,600
January8,500
Prior to January7,000
$98,100

 


 


 

Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful

 

Accounts has a credit balance of $900 prior to adjustment. The

 

company uses the percentage-of-receivables basis for estimating

 

uncollectible accounts. The companyA????1s estimate of bad debts is

 

shown below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Age of Accounts

 

 

Estimated Percentage

 

Uncollectible

 

1A????130 days2.0%
31A????160 days5.0%
61A????190 days30.0%
Over 90 days50.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Determine the total estimated uncollectibles.

 

 

 

 

 

 

 

 

 

Total estimated uncollectibles$________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepare the adjusting entry at March 31 to record bad debts

 

expense. (Credit account titles are automatically

 

indented when amount is entered. Do not indent

 

manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account Titles and Explanation

 

 

Debit Credit

 

 

  

 

 

1.________________________

 

 

 

____________ _________

 

 

__________________________

 

 

 

___________ _________

 

 

 

 

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147654196.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now