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A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for
A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $125,000 31,000 2,500 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the compan estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event, se "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for uncollectible accounts using the percentage-of- credit-sales method, assuming the company estimates 4% of credit sales will not be collected. Note: Enter debits before credits. General Journal Debit Credit Event (2)
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