Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab At the end of the current year, the accounts receivable account of Parker's Nursery Supplies has a debit balance of $330,230. Credit sales are $2,244,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: Allowance for Doubtful Accounts has a DEBIT balance of $1,295. The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales. The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales. What is the amount of the journal entry on December 31st? $ Using the percent of sales method what is the balance in the Allowance for Doubtful account after the adjusting entry on December 31st? $. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $24,560 in uncollectible accounts. What would be the amount of the journal entry on December 31st? $
Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab At the end of the current year, the accounts receivable account of Parker's Nursery Supplies has a debit balance of $330,230. Credit sales are $2,244,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: Allowance for Doubtful Accounts has a DEBIT balance of $1,295. The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales. The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales. What is the amount of the journal entry on December 31st? $ Using the percent of sales method what is the balance in the Allowance for Doubtful account after the adjusting entry on December 31st? $. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $24,560 in uncollectible accounts. What would be the amount of the journal entry on December 31st? $
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab
At the end of the current year, the accounts receivable account of Parker's Nursery Supplies
has a debit balance of $330,230. Credit sales are $2,244,000. Record the end-of-period
adjusting entry on December 31, in general journal form, for the estimated uncollectible
accounts. Assume the following independent conditions existed prior to the adjustment:
Allowance for Doubtful Accounts has a DEBIT balance of $1,295.
The percentage of sales method is used and bad debt expense is estimated to be 1% of credit
sales.
The percentage of sales method is used and bad debt expense is estimated to be 1% of credit
sales. What is the amount of the journal entry on December 31st? $
Using the percent of sales method what is the balance in the Allowance for Doubtful account
after the adjusting entry on December 31st? $.
The percentage of receivables method is used and an analysis of the accounts produces an
estimate of $24,560 in uncollectible accounts. What would be the amount of the journal entry
on December 31st? $
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