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Record the adjusting entry for uncollectible accounts

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Question - Suzuki Supply reports the following amounts at the end of 2021 (before adjustment).

Credit Sales for 2021 $246,000

Accounts Receivable, December 31, 2021 41,000

Allowance for Uncollectible Accounts, December 31, 2021 1,200 (Credit)

Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected.

Reference no: EM132503811

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