Problem 7 - 1 ( Algo ) ?Uncollectible accounts; allowance method; income stat ment and balance sheet
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Problem Algo ?Uncollectible accounts; allowance method; income stat ment and balance sheet approach; financial statement effects LO
Swathmore Clothing Corporation grants its customers ?days' credit. The company uses the allowance method for its uncollectible accounts receivable. Dring the year, a monthly bad debt accrual is made by multiplying ?times the amount of credit sales for the month. At the fiscal yearend of December ?an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly.
At the end of ?accounts receivable were $ ?and the allowance account had a credit balance of $ ?Accounts receivable activity for ?was as follows:
tableBeginning balance,$
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