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gtnhenbr [62]
3 years ago
10

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una

djusted trial balance reported the following selected amounts: Accounts receivable $ 361,000 debit Allowance for uncollectible accounts 560 debit Net Sales 806,000 credit All sales are made on credit. Based on past experience, the company estimates 0.4% of net credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Business
1 answer:
kompoz [17]3 years ago
8 0

Answer:

Accounts receivable $361,000 debit

Allowance for uncollectible accounts $560 debit

Net Sales $806,000 credit

0.4% of credit sales are uncollectible = 0.4% x $806,000 = $3,224

adjusting entry:

December 31, 202x

Dr Bad debt expense 3,224

    Cr Allowance for doubtful accounts 3,224

Allowance for doubtful accounts is a contra asset account that reduces accounts receivable.

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5 0
2 years ago
Under the current/noncurrent method
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6 0
3 years ago
Glumhoff​'s Packaging Department had the following information at July 31. All direct materials are added at the end of the conv
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Explanation:

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3 years ago
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Answer:

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This is an example of which pricing objective of Sales Growth:

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4 0
3 years ago
All of the following are good ways to learn about different careers except
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8 0
3 years ago
Read 2 more answers
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