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What is balance of the allowance for uncollectible accounts

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Question - Gregory Company had the following information in 2012.

Accounts receivable 12/31/12 - $12,000

Allowance for uncollectible account 12/31/12 (before adjustment) - 900

Credit sales during 2012 - 40,000

Cash sales during 2012 - 17,000

Collections from customers on account during 2012 - 44,000

The company uses the Percent of Receivables method and the uncollectible amount is determined to be 10% of receivables. What is the balance of the Allowance for Uncollectible Accounts on 12/31/12?

Reference no: EM132188526

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