Percentage of Net Sales Method At the end of the year, Bertha Enterprises estima

Question

Percentage of Net Sales Method At the end of the year, Bertha Enterprises estimates the uncollectible accounts expense to be 0.7 percent of net sales of $15,150,000. The current credit balance of Allowance for Uncollectible Accounts is $25,750. Hide Prepare the entry to record the uncollectible accounts expense. Uncollectible Accounts E 10605 80300 Allowance for Uncollectit To record estimated uncollectible accounts expense What is the balance of Allowance for Uncollectible Accounts after this adjustment? $ 15145

Explanation / Answer

1 Uncollectible accounts expense 106050 =15150000*0.7%           Allowance for uncollectible accounts 106050 Balance for Allowance for uncollectible accounts = 106050+25750= 131800 Uncollectible accounts expense 15600           Allowance for uncollectible accounts 15600 a Uncollectible accounts expense 78000 =96000-18000           Allowance for uncollectible accounts 78000 b Uncollectible accounts expense 110000 =96000+14000           Allowance for uncollectible accounts 110000

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