Reference no: EM132681634
Questions -
Q1. Smith Company has the following:
Credit sales of 1,000,000
Ending AR of 200,000
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.
What is the amount of uncollectible account expense?
What is the ending balance in the Allowance of Uncollectable Accounts?
Q2. Smith Company has the following:
Credit sales of 1,000,000
Ending AR of 200,000
Allowance of Uncollectable Accounts has a debit 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.
What is the amount of uncollectible account expense?
What is the ending balance in the Allowance of Uncollectable Accounts?
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What is the ending balance in the Allowance
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