Following are the end-of-period account balances for several stationery and office supply companies. Each company uses the
Question:
Following are the end-of-period account balances for several stationery and office supply companies. Each company uses the percentage of net sales method to estimate its uncollectible accounts expense. The percentage used by each company is also listed.
Instructions
Using the form provided in your working papers:
1. Calculate the amount of the adjustment for uncollectible accounts expense using the percentage of net sales method.
2. Record the adjusting entry for the estimated uncollectible accounts expense for Davis Inc.
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