Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Required: 1. Record the
Question:
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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