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Prepare the adjusting entry for doubtful accounts expense

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Reference no: EM132479902

The following information was abracted from the 2014 financial statement of Keller Company

Sales 747,000 *

Accounts Receivable, December 31, 2014 128,000

Allowance for Doubtful Accounts 1,200 (cr)

Sales discounts 18,000 *

Sales Returns 12,400 *

30% related to credit sales

Question 1: Prepare the adjusting entry for doubtful accounts expense under each of the following assumptions

1) 4 PERCENT OF CURRENT RECEIVABLE ARE UNCOLLECTIBLE.

2) 2.5 PERCENT OF NET CREDIT SALES ARE UNCOLLECTIBLE.

Reference no: EM132479902

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