Suzuki Supply reports the following amounts at the end of 2018 (before adjustment)

Credit Sales for 2018…………………………………………………...….$260,000

Accounts Receivable, December 31, 2018…………………………………55,000

Allowance for Uncollectible Accounts, December 31, 2018………………..1,100

Required:

1. Record the adjustment for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected.

2. Record the adjustment for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected.

Answer rating: 100% (QA)

1 Date Description Debit Credit Dec312018 Bad Debt Expense 5500 Allowance ... View the full answer