The general ledger account for Accounts Receivable shows a debit balance of $37,500. The Allowance for Uncollectible Accounts has a debit balance of…
The general ledger account for Accounts Receivable shows a debit balance of $37,500. The Allowance for Uncollectible Accounts has a debit balance of $1,000. Net sales for the year were $375,000. In the past, 2 percent of net sales have proved uncollectible. An aging of accounts receivable accounts results in an estimate of $6,250 of uncollectible accounts receivable. Calculate (1) Uncollectible Accounts Expense and (2) the ending balance of the Allowance for Uncollectible Accounts using (a) the percentage of net sales method and (b) the accounts receivable aging method.
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