Ingles Company has accounts receivable of $93,100 at March 31. An analysis of the accounts shows the following.
Month of SaleBalance, March 31
| March | 60,000 |
| February | 17,600 |
| January | 8,500 |
| Prior to January | 7,000 |
| 93,100 |
Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit balance of $1,200 prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company’s estimate of bad debts is as follows.
| Age of Accounts | Estimated Percentage Uncollectible |
| 1-30 days | 2% |
| 31-60 days | 5% |
| 61-90 days | 30% |
| Over 90 days | 50% |
Instructions:
a. Determine the total estimated uncollectibles.
b. Prepare the adjusting entry at March 31 to record bad debts expense.
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