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What is the amount of uncollectible account expense

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Reference no: EM132650617

Credit sales of 1,000,000 Ending AR of 200,000 Smith Company has the following:

  • Allowance of Uncollectable Accounts has a credit balance of $5,000 at year end
  • The company estimates that 5% of their outstanding AR will not be collectible
  • Journalize the entry to record estimated as uncollectible account expense for the year.

Question a: What is the amount of uncollectible account expense?

Question b: What is the ending balance in the Allowance of Uncollectable Accounts?

Reference no: EM132650617

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