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Question - The following selected accounts are for Keystone, Inc., a name brand shoe wholesale store, as of 2009 December 31. Prior to closing the accounts and making allowance for uncollectible accounts entries, the USD 5,000 account of Morgan Company is to be written off (this was a credit sale of 2009 February 12).
Accounts receivable $360,000
Allowance for uncollectible accounts (credit) 6,000
Sales 1,680,000
Sales returns and allowances 30,000
Required -
a. Prepare journal entries to record all of these transactions and the uncollectible accounts expense for the period. Assume the estimated expense is 2 percent of net sales.
b. Give the entry to record the estimated expense for the period if the allowance account is to be adjusted to 5 percent of outstanding receivables instead of as in (a).
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