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A company reports the following amounts at the end of the year (before any year-end adjustment). Record the adjustment for uncollectible accounts (1) using the
A company reports the following amounts at the end of the year (before any year-end adjustment). Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 10% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 2% of credit sales will not be collected. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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