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Compute the uncollectible account expense

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Question - Johnson Corporation's Unadjusted Trial Balance at year-end included the following accounts:

Debit Credit
Sales (75% represent credit sales) $1,152,000
Accounts Receivable $288,000
Allowance for Doubtful Accounts $2,184

Compute the uncollectible account expense, and make the appropriate journal entry, for the current year assuming the uncollectible account expense is determined as follows:

a. Income statement approach, 1% of total sales.

b. Income statement approach, 1.5% of credit sales.

c. Balance sheet approach. The estimate based on an aging of accounts receivable is that an allowance of $12,000 would be appropriate.

Reference no: EM132063771

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