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What is the ending balance in the allowance of uncollectable

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Reference no: EM132650619

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.

Question 1: What is the amount of uncollectible account expense?

Question 2: What is the ending balance in the Allowance of Uncollectable Accounts?

Reference no: EM132650619

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