(b) Pharoah Company has accounts receivable of $104,500 at March 31, 2022. Credit terms are 2/10,...

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(b) Pharoah Company has accounts receivable of $104,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful 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. Age of Accounts Balance, March 31 Estimated Percentage Uncollectible 2022 2021 Current $62,100 $75,000 3% 1-30 days past due 25.800 8.000 7% 31-90 days past due 9,300 2,400 25% Over 90 days past due 7,300 1,100 55% $104.500 $86,500 (a) Your answer is correct. Determine the total estimated uncollectibles at March 31, 2022 Total estimated uncollectibles $ eTextbook and Media List of Accounts 10009 Attempts: 1 of 6 used Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 6 used Submit Answer (b) Pharoah Company has accounts receivable of $104,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful 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. Age of Accounts Balance, March 31 Estimated Percentage Uncollectible 2022 2021 Current $62,100 $75,000 3% 1-30 days past due 25.800 8.000 7% 31-90 days past due 9,300 2,400 25% Over 90 days past due 7,300 1,100 55% $104.500 $86,500 (a) Your answer is correct. Determine the total estimated uncollectibles at March 31, 2022 Total estimated uncollectibles $ eTextbook and Media List of Accounts 10009 Attempts: 1 of 6 used Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 6 used Submit Answer

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a To determine the total estimated uncollectibles at March 31 2022 we need to calculate the estima... View the full answer