题目内容
Vincent Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2010, the balance of accounts receivable is $200,000 and the allowance for uncollectible accounts has a credit balance of $4,000 (before adjustment). An analysis of accounts receivable produced the following age groups:Current ...................................... $160,00060 days past due......................... 32,000Over 60 days past due................ 8,000$200,000Based on past experience, Vincent estimates that the percentage of accounts that will prove to be uncollectible within the three age groups is 4%, 10%, and 21%, respectively. Based on these facts, the adjusting entry for uncollectible accounts should be made in the amount of
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Ifabuyertakesadvantageofasalesdiscount,thejournalentryrecordedbythesellerwillincludea(n):
Which method to record uncollectible accounts does NOT use estimates?
JS company had several transctions, journalize the entries.
Journalize the following transactions for The Computer Store. The Computer Store uses the allowance method of accounting for uncollectible receivables. Ignore Cost of Goods Sold Explanations are not required.
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