Business
Business, 24.06.2020 20:01, reginaldlegette

Applying the allowance method (percent-of-sales) to account for uncollectiblesduring its first year of operations, fall wine tour earned net credit sales of 311000. Industry experiences suggests that bad debts will amount to 3% of net credit sales. At december 31, 2018, accounts receivable total 44000. The company uses the allowance method to account for uncollectibles. Requirements:1. Journalize Fall Wine Tour’s Bad Debts Expense using the percent of-sales method.2. Show how to report accounts receivable on thebalance sheet at December 31, 2018.

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Applying the allowance method (percent-of-sales) to account for uncollectiblesduring its first year...

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