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Question
Company T makes most of its sales on account. In their most recent fiscal year, the company recorded sales of $2,230,000; during the year, they wrote off customer accounts in the amount of $56,000 as uncollectible. At the beginning of the year, the balance in Allowance for Doubtful Accounts was a credit of $18,000. At year-end, the balance in Accounts Receivable was $920,000.
a. Assume that T uses the percentage of sales method to estimate bad debts and that their experience indicates that 1.5% of sales will turn out to be uncollectible. Prepare the adjusting entry to record bad debts.
b. As a separate case, assume that T uses the percentage of receivables method and that they estimate 3.5% of outstanding receivables will become uncollectible. Prepare the adjusting entry in this case.
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