Accounting Quiz

Accounting 1104- Quiz 9

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Under the income statement approach , the entry to accrue uncollectible-account expense involves

A debit to allowance for uncollectible accounts and a credit to accounts receivable

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On December 31 , Mythical Company has a 330 ,000 debit balance in accounts receivable . The allowance for uncollectible accounts has a 4 ,500 credit balance . Net credit sales for the period uncollectible , and from aging accounts receivable , Mythical determines that 35 ,000 of accounts receivable may be uncollectible . Under the percent of sales method , the balance

in allowance for uncollectible accounts after adjustment would be 35 ,000

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The current credit balance in allowance for uncollectible acounts is 150 . Management estimates that 2 .5 of net credit sales of 105 ,000 will be uncollectible . Based on the foregoing data , what is the uncollectible account expense balance on the income statement 2 ,625

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On December 31 , Mythical Company has a 330 ,000 debit balance in accounts receivable . The allowance for uncollectible accounts has a 4 ,500 credit balance . Net credit sales for the period uncollectible , and from aging accounts receivable , Mythical determines that 35 ,000 of accounts receivable may be uncollectible . Under the aging of accounts receivable method , the balance in allowance for uncollectible accounts would be 25 ,500

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Allowance for uncollectible...