Homework Help is Here – Start Your Trial Now!
Business
Accounting
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,212 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.     Balance, March 31   Estimated PercentageUncollectible   Age of Accounts   2022   2021   Current   $65,300   $70,010   2 % 1–30 days past due   11,800   7,430   5   31–90 days past due   9,300   2,260   32   Over 90 days past due   7,100   1,130   47       $93,500   $80,830         Incorrect answer iconYour answer is incorrect. Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles   $Enter a dollar amount    eTextbook and Media List of Accounts       Partially correct answer iconYour answer is partially correct. 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.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount

Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,212 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.     Balance, March 31   Estimated PercentageUncollectible   Age of Accounts   2022   2021   Current   $65,300   $70,010   2 % 1–30 days past due   11,800   7,430   5   31–90 days past due   9,300   2,260   32   Over 90 days past due   7,100   1,130   47       $93,500   $80,830         Incorrect answer iconYour answer is incorrect. Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles   $Enter a dollar amount    eTextbook and Media List of Accounts       Partially correct answer iconYour answer is partially correct. 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.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,212 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.

   
Balance, March 31
  
Estimated Percentage
Uncollectible
 
Age of Accounts
  
2022
  
2021
  
Current
  
$65,300
  
$70,010
   2 %
1–30 days past due
  
11,800
  
7,430
   5  
31–90 days past due
  
9,300
  
2,260
   32  
Over 90 days past due
  
7,100
  
1,130
   47  
   
$93,500
  
$80,830
      
 

Incorrect answer iconYour answer is incorrect.

Determine the total estimated uncollectibles at March 31, 2022.

Total estimated uncollectibles   $Enter a dollar amount 
 

eTextbook and Media

List of Accounts

 
 
 

Partially correct answer iconYour answer is partially correct.

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.)

Account Titles and Explanation
Debit
Credit
Enter an account title
Enter a debit amount
Enter a credit amount
Enter an account title
Enter a debit amount
Enter a credit amount
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS