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please help me with my practice problems ?? 1. Estimating uncollectible accounts expense: Jones Corporation had the following accounts receivable and allowance for uncollectible accounts
please help me with my practice problems ??
1. Estimating uncollectible accounts expense: Jones Corporation had the following accounts receivable and allowance for uncollectible accounts balances at the end of 2019 before any expense adjustment. Accounts Receivable $750,000 Debit Allowance for Doubtful Accounts $10,200 Credit Sales in 2019 totaled $1.200.000. Sales returns and allowances $80,000. Required 1. Calculate the amount for the uncollectible accounts expense and the ending balance for the allowance for doubtful accounts under the following: a. 4% of credit sales will prove uncollectible. b. 8% of ending accounts receivable (aging method) are uncollectible. NOTE: Show all calculations. Uncollectible Accounts/ Bad Debts Expense Ending balance for Allowance forStep by Step Solution
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