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Calculate what dollar amount should be credited to Allowance

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Question - Arundel Company uses percentage of sales to estimate uncollectibles.  At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $880,000 in credit sales. Arundel assumes that 2.0% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,500.

Required - Calculate what dollar amount should be credited to Allowance for Uncollectible Accounts at year end?

Reference no: EM132612019

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