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Sati [7]
3 years ago
10

Jumpin Corporation uses the percentminusofminussales method to estimate uncollectibles. Net credit sales for the current year am

ount to $ 2 comma 100 comma 000​, and management estimates 3​% will be uncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $ 1 comma 800. The amount of UncollectibleminusAccount Expense reported on the income statement will​ be:
Business
1 answer:
Fudgin [204]3 years ago
5 0

Answer:

The amount of Uncollectible Account Expense reported on the income statement will​ be: $ 64,800

Explanation:

Jumpin Corporation

Percent of Sales method

Net credit sales  $ 2 100  000​,

Un collectible estimated 3​%

Un collectibles Accounts = 3% of  $ 2 100,000​, = $ 63,000

Unadjusted Allowance for Un collectible Accounts  $ 1, 800 Dr.

Required Adjustment =                                 $ 64,800

The amount of Un collectible Account Expense reported on the income statement will​ be: $ 64,800

In the percent of sales method emphasis is laid on the matching principle in the income statement and amount of bad debts expense is subtracted from the accounts receivables.

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Explanation:

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solution

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return of the asset = ( T- 1 ) ÷ ( N - 1)  × geometric average + ( N -T)  ÷ ( N - 1)  × arithmetic average   ..................1

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Answer for the question:

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