question here 39 s your unique pp for chpt 9 your company prepares financial stateme 4284320

Question

Here's your unique PP for chpt. 9:

Your company prepares financial statements only once a year. In accounting for uncollectible accounts it uses the allowance method.

For the most recent year give general journal entries for the following.

Beginning of the year balances:(No journal entries needed for beg. Balances)

Accounts Receivable 325,400

Allowance for uncollectible accounts 4,500

Uncollectible Accounts Expense –

1 Sales for the year were 2,465,000. 60% of sales are credit sales

2 Collection on credit sales for the year were 1,300,000

3 Wrote off 6500 of specific customer accounts

4a At year end estimate uncollectible accts to be 1.5% of credit sales

4b Instead of 4a, the company ages it receivables and estimated 6000 as uncollectible