Cornelius Company had the following info in 2012: Accounts Receivable 12/31/12.....14,000 Allowance for uncollectible account 12/31/12......600 (before
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Question:
Cornelius Company had the following info in 2012:
Accounts Receivable 12/31/12.....14,000
Allowance for uncollectible account 12/31/12......600
(before adjustment)
Credit sales during 2012........ 44,000
Cash sales during 2012........ 12,000
Collections from customers on account during 2012........ 46,0000
Un-collectible accounts are determined by the percent-of-sales method to be 4% of credit sales. How much is uncollectible-account expense for 2012?
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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