t At the end of the current year (before adjusting entries), Captain Corporation had a balance of $92,000 in Accounts Receivable and a credit balance of $11,000 in Allowance for Uncollectible Accounts Service revenue (all on credit) for the year totaled $480,000 Read the requirements Requirement 1. Using the percent-of-sales method, calculate the amount of Uncollectible Account Expense if Captain Corporation estimates its uncolectible-account expense using a rate of 3% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? Captain Corporation has of uncollectible-account expense using the percent-of-sales method. The ending under this scenario balance of the Allowance for Uncollectible Accounts is Requirement 2. Now assume that Captain Corporation uses the aging of receivables method. Captain Corporation estimates that its Allowance for Uncollectible Accounts should have a credit balance of $21,000. Calculate the amount of its Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? of uncollectible account expense using the aging-of-receivables method. The ending under this scenario Captain Corporation has balance of the Allowance for Uncollectible Accounts is Requirements + I Consider each of the following two independent situations. 1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expense if Captain Corporation estimates its uncollectible-account expense using a rate of 3% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? 2. Now assume that Captain Corporation uses the aging-of-receivables method. Captain Corporation estimates that its Allowance for Uncollectible Accounts should have a credit balance of $21,000. Calculate the amount of its Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? Print Done