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vladimir1956 [14]
3 years ago
9

At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,700 (debit) before any yea

r-end adjustment. The company estimates future uncollectible accounts to be 4% of credit sales for the year. Credit sales for the year total $283,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
iren2701 [21]3 years ago
7 0

Answer:

Bad debt expense $11,320   ($283,000 × 4%)

      To Allowance for doubtful debts $11,320

(being the bad debt expense is recorded)

Explanation:

The journal entry is shown below:

Bad debt expense $11,320   ($283,000 × 4%)

      To Allowance for doubtful debts $11,320

(being the bad debt expense is recorded)

For recording this given transaction, we debited the bad debt expense as it increases the expenses account and at the same time it decreases the account receivable so the allowance would be credited so that the proper posting could be done

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2 years ago
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From the above, we can therefore say that the answer that as it applies to corporations, employee-owner separation means that many employees can be separated from organization as a result of resignation, removal, death, permanent incapacity, discharge or retirement and they as employee are not stockholders of the company for which they work is true

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4 0
2 years ago
Suppose the government wants to help the coffee industry, where many producers earn relatively little. It is considering two pos
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Answer:

i think your answer is A

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A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains​ a(n) _____ s
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Answer:

Falls:rises.

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