Reference no: EM132573369
Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing.
Account Debit Credit
Accounts receivable $70,000
Allowance for doubtful accounts $1,100
Sales (all on credit) 480,000
Sales discounts 8,000
Required:
Question a. Demron estimates that 1.5% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on December 31, 2020, to estimate uncollectible receivables.
Question b. During 2021, credit sales were $620,000 (cost of sales $406,500); sales discounts of $12,000 were taken when accounts receivable of $440,000 were collected; and accounts written off during the year totaled $10,000. Prepare the entries for these transactions.
Question c. Record the adjusting entry required on December 31, 2021 to estimate uncollectible receivables, assuming it is based on 1.5% of net credit sales.
Question d. Show how accounts receivable would appear on the December 31, 2021, balance sheet.
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