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What is the ending balance in the Allowance

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Question - 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 1% of their credit sales 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?

Reference no: EM132681638

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