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What is the balance in allowance for uncollectible accounts

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Question - Jackson Company uses the percentage of sales method to estimate bad debts. Information relating to bad debts since the company's inception is as follows:

On January 1, 2011, Jackson decided to change their bad debt estimate from 3% of sales to 2% of sales. Sales for the year were $100,000 and actual bad debts were $1,550.

Required -

(1) Prepare the journal entry to record bad debt expense for 2011.

(2) What is the balance in allowance for uncollectible accounts on December 31, 2011, after the adjusting entry is made?

Reference no: EM132568664

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