Turbo Company has an allowance for uncollectible accounts account with a $500 credit balance. Net credit sales for the period were $225,000 and the ending balance in the accounts receivable was $38,000. An aging process shows that $8,000 of the accounts receivable probably will be uncollectible. In addition, Turbo believes that 5% of all net credit sales go bad.

Use the space below to work out the details of the information above. You can use T accounts, journal entries, or whatever you feel my might help you solve these questions.

Required:

1. Using the percentage of net sales method, uncollectible accounts expense would be?

2. Using the percentage of net sales method, the allowance for uncollectible accounts balance (after adjustment would be?

3. Using the accounts receivable aging method, uncollectible accounts expense would be?

4. Using the accounts receivable aging method, the allowance for uncollectible accounts balance

(after adjustment) would be?

5. Using the percentage of net sales method, the net realizable value of the accounts receivable would be?