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MacDougall Brothers
The income statement approach to estimating uncollectable accounts is used by MacDougall Brothers. On January 31, the firm had accounts receivable in the amount of $750,000. The Allowance for Doubtful Accounts had a credit balance of $5,250. The controller estimated that the uncollectable accounts expense would amount to one half of 1% of the $4,500,000 of net sales made during January. This estimate was entered in the accounts by an adjusting entry on January 31. On February 12, an account receivable from Carlotta Smith of $4,125 was determined to be worthless and was written off. However, on February 24, Smith won several million dollars in the lottery and immediately paid $4,125 past-due account.
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