Refer to the information in E519, but now assume that the balance of the Allowance for Uncollectible
Question:
Refer to the information in E5–19, but now assume that the balance of the Allowance for Uncollectible Accounts on December 31, 2024, is $1,100 (debit) (before adjustment).
Data from in E5-19
Suzuki Supply reports the following amounts at the end of 2024 (before adjustment).
Required:
1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected.
2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected.
3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method.
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ANSWER 1 Adjusting entry for uncollectible accounts using the percentageofreceivables method Uncolle...View the full answer
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