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Question

The accounts of Stackhouse Company as of 2010 December 31, show Accounts Receivable, USD 190,000; Allowance for Uncollectible Accounts, USD 950 (credit balance); Sales, USD 920,000; and Sales Returns and Allowances, USD 03,000. Prepare journal entries to adjust for possible uncollectible accounts under each of the following assumptions:

a. Uncollectible accounts are estimated at 1 percent of net sales.

b. The allowance is to be increased to 3 percent of accounts receivable.
Jun 20 2017 05:41 AM