Reference no: EM132344941
Question
How do you write off uncollectible account, and record expense under alternative methods of estimation.
As of December 31, 2017, Fargo Company's accounts prior to adjustment show:
Accounts receivable $ 40,000
Allowance for uncollectible accounts (credit balance) 750
Sales 250,000
Fargo Company estimates uncollectible accounts at 2% of sales.
On February 23, 2018, the account of Dan Hall in the amount of $450 was considered uncollectible and written off. On August 12, 2018, Hall remitted $300 and indicated that he intends to pay the balance due as soon as possible. By December 31, 2018, no further remittance had been received from Hall, and no further remittance was expected.
a. how do you prepare journal entries to record all of these transactions and adjusting entries.
b. how do you give the entry necessary as of December 31, 2017, if Fargo Company estimated its uncollectible accounts at 8% of outstanding receivables rather than at 2% of sales.
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