Record the journal entry for the provision for collectible

Reference no: EM13588177

Record the journal entry for the provision for collectible account under each of the following independent assumption. 1. the allowance for doubtful account before adjustment has credit balance of $500 2. the allowance for Doubtful account before adjustment has debit balance of 250 3. Assume that October's credit sales were 70,000.Uncollectible account expense is estimate at 2% of sale AGING Aging Accounts Receivable Date: October 31, 2012 Analysis of Accounts Receivable by Age Not 1-30 31-60 61-90 Over 90 Yet Days Days Days Days Customer Total Due Past Due Past Due Past Due Past Due Attitudes For Hair $4,600 $2,600 $700 $1,300 Beauty Box 7,500 5,600 1,900 Hair Affair 10,000 3,000 3,000 2,000 2,000 Headliners Salon 3,800 3,800 Ooh La La Hair 800 800 Shear Paradise 3,500 1,000 640 1,400 460 Totals $30,200 $15,000 $6,600 $2,640 $3,400 $2,560 Estimate of Probable Uncollectible Accounts Expense Total Percent Total Amount Uncoll.

Reference no: EM13588177

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