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Company had credit sales of 23,800,000 for November. Accounts receivable of 356.000 were determined to be worthless and were written off during November. Accounts receivable
Company had credit sales of 23,800,000 for November. Accounts receivable of 356.000 were determined to be worthless and were written off during November. Accounts receivable total 16,600,000 at November 30. Management feels that based on past experience, approximately 1,5% of net credit sales will prove to be uncollectible. (a) Assuming company uses the direct write-off method of accounting for uncollectible accounts, what is uncollectible accounts expense for November? (b) Assuming company uses the income statement approach to account for uncollectible accounts, what is uncollectible accounts expense for November
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