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JKCPA, CPA
Category: Finance
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Experience:  Bachelors degree and CPA with Accounting experience.
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The general ledger account for Accounts Receivable shows a

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The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000. In the past, 3 percent of net sales have proved uncollectible. An aging of accounts receivable accounts results in an estimate of $9,000 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.

Create an Excel spreadsheet to submit your assignment.
Submitted: 2 years ago.
Category: Finance
Expert:  JKCPA replied 2 years ago.
Hi,

Thanks for the question.

Please click here to download the Excel solution.

Hope this helps!

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JKCPA, CPA
Category: Finance
Satisfied Customers: 5765
Experience: Bachelors degree and CPA with Accounting experience.
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