Question 3, S5-8 (similar Part 1 of 2 Homework: Chapter 5 Graded Homework HW Score: 62.68%, 15.67 of 25 points Points: 0 of 2 Save Save Al the end of the current year before adjusting entries), Summer Corporation had a balance of $94,000 in Accounts Receivable and a credit balance of $6,000 in Allowance for Uncolectible Account Service e all on credit for the year totaled $420,000 Read the Requirement 1. Using the percent of sales method, calculate the amount of Uncollectible-Account Expense if Summer Corporation estimates its uncobble-account expense using a rate of 2% of credit als What is the ending bwance of the Alowance for Uncollectible Accounts under this scenario? Summer Corporation has of uncollectible-account expense using the percent-of-sales method. The ending balance of the lowance for Uncolecuble Accounts under this sonario Help Me Solve This Text Pages Get More Help Clear All Check Answer sty pter 5 Graded Homework Question 3, S5-8 (similar... Part 1 of 2 HW Score: 62.68%, 15.67 of 25 poi O Points: 0 of 2 more adjusting entries) Summer Corporation had a balance of $94,000 in Accounts Receivable and a credit balance of $6,000 in Allowance totaled $420,000 X nt-of-sales method e of the Allowance Requirements ple-account expens of unco collectible Accounts Consider each of the following two independent situations. 1. Using the percent-of-sales method, calculate the amount of Uncollectible Account Expense if Summer Corporation estimates its uncollectible-account expense using a rate of 2% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? 2. Now assume that Summer Corporation uses the aging-of-receivables method Summer Corporation estimates that its Allowance for Uncollectible Accounts should have a credit balance of $14,000. Calculate the amount of its Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? Print Done 5 e Text Pages Get More Help Clear All dtv A DD S 2 3 4 5 6 7 8 9 W