On December 31, 20X1, certain account balances at England Company were as follows before year-end adjustments: Accounts Receivable Allowance for Uncollectible Accounts (credit) Sales Sales Returns and Allowances $ 470,750 930 4,602,750 319,325 A further examination of the records showed that the "Sales" included $478,100 of cash sales during the year. Of the sales returns and allowances, $16,650 came from credit sales. Assume that England Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable. Required: Compute the estimated amount of uncollectible accounts and prepare the general journal entry to record the provision for uncollectible accounts. Complete this question by entering your answers in the tabs below. Uncollect Accounts General Journal Compute the estimated amount of uncollectible accounts. Note: Round your "Estimated uncollectible rate" to 3 decimal places, I Accounts receivable Estimated uncollectible rate Estimated uncollectible accounts Adjustment amount 1.2% should be entered as 0.012. < Uncollect Accounts General Journal >
On December 31, 20X1, certain account balances at England Company were as follows before year-end adjustments: Accounts Receivable Allowance for Uncollectible Accounts (credit) Sales Sales Returns and Allowances $ 470,750 930 4,602,750 319,325 A further examination of the records showed that the "Sales" included $478,100 of cash sales during the year. Of the sales returns and allowances, $16,650 came from credit sales. Assume that England Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable. Required: Compute the estimated amount of uncollectible accounts and prepare the general journal entry to record the provision for uncollectible accounts. Complete this question by entering your answers in the tabs below. Uncollect Accounts General Journal Compute the estimated amount of uncollectible accounts. Note: Round your "Estimated uncollectible rate" to 3 decimal places, I Accounts receivable Estimated uncollectible rate Estimated uncollectible accounts Adjustment amount 1.2% should be entered as 0.012. < Uncollect Accounts General Journal >
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 1CP
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