Can someone explain to me how they got $4920 in part2)?Homework Answers
| Please give positive ratings so I can keep answering. Thanks! |
| Credit sales | 123,000.00 |
| 4% of Credit sales cannot be collected | 4,920.00 |
| So $ 4,920 is 4% of Credit sales i.e. 4% of $ 123,000. | |
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Can someone explain to me how they got $4920 in part2)?
DE A company reports the...
A company reports the following amounts at the end of the year before any year-end adjustment)....
A company reports the following amounts at the end of the year before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $129,000 34,000 1,800 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event,...
Help Save & Exit Submit A company reports the following amounts at the end of the year (before any year-end ad...
Help Save & Exit Submit A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $129,000 34,000 1,800 (eredit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is...
A company reports the following amounts at the end of the year (before any year-end adjustment)....
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