Reference no: EM131547924

Question: This is needed in excel:

Your company prepares financial statements only once a year. In accounting for uncollectible accounts it uses the allowance method.

For the most recent year give general journal entries for the following.

Beginning of the year balances:(No journal entries needed for beg. Balances)

Accounts Receivable 511,212

Allowance for uncollectible accounts 9,690

Uncollectible Accounts Expense -

1 Sales for the year were 1,662,000. 75% of sales are credit sales

2 Collection on credit sales for the year were 970,000

3 Wrote off 8300 of specific customer accounts

4a At year end estimate uncollectible accts to be 1.75% of credit sales

4b Instead of 4a, the company ages it receivables and estimated 7200 as uncollectible