Business
Business, 06.10.2019 01:30, val186

At the end of the current year (before adjusting entries), summer corporation had a balance of $ 88 comma 000 in accounts receivable and a credit balance of $ 11 comma 000 in allowance for uncollectible accounts. service revenue (all on credit) for the year totaled $ 470 comma 000. read the requirement 1. using the percent-of-sales method, calculate the amount of uncollectible-account expense if summer corporation estimates its uncollectible-account expense using a rate of 3% of credit sales. what is the ending balance of the allowance for uncollectible accounts under this scenario? summer corporation has $ of uncollectible-account expense using the percent-of-sales method. the ending balance of the allowance for uncollectible accounts is $ under this scenario. requirement 2. now assume that summer corporation uses the aging-of-receivables method. summer corporation estimates that its allowance for uncollectible accounts should have a credit balance of $ 26 comma 000. calculate the amount of its uncollectible-account expense. what is the ending balance of the allowance for uncollectible accounts under this scenario? summer corporation has $ of uncollectible-account expense using the aging-of-receivables method. the ending balance of the allowance for uncollectible accounts is $ under this scenario.

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At the end of the current year (before adjusting entries), summer corporation had a balance of $ 88...

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