Answer Happy

A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $130,000 38,000 2,300 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 8% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 3% of credit sales will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 > Record the adjustment for uncollectible accounts using the percentage-of- receivables method, assuming the company estimates 8% of receivables will not be collected. Note: Enter debits before credits. Event General Journal Debit Credit (1) Record entry Clear entry View general journal
A company reports the following amounts at the end of the year before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $130,000 38,000 2,300 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 8% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 3% of credit sales will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 > Record the adjustment for uncollectible accounts using the percentage-of- credit-sales method, assuming the company estimates 3% of credit sales will not be collected. Note: Enter debits before credits. Event General Journal Debit Credit (2) Record entry Clear entry View general journal