Question: c. Record the adjusting entry required on December 31,2024 , to estimate uncollectible receivables, assuming it is based on 2% of receivables. Exercise 8-12 Estimating

c. Record the adjusting entry required on December 31,2024 , to

estimate uncollectible receivables, assuming it is based on 2% of receivables. Exercise

8-12 Estimating bad debt expense-percentage of receivables LO3 Selected unadjusted account balances

at December 31, 2023, are shown below for Demron Servicing. Required: a.

c. Record the adjusting entry required on December 31,2024 , to estimate uncollectible receivables, assuming it is based on 2% of receivables. Exercise 8-12 Estimating bad debt expense-percentage of receivables LO3 Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing. Required: a. Assume that Demron estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 3 2023 , to estimate uncollectible receivables. b. During 2024 , credit sales were $632,000 (cost of sales $414,370 ); sales discounts taken were $13,000; accounts receivable collected were $476,700; and accounts written off during the year totalled $10,800. Prepare the entries to record these transactions. d. Show how accounts receivable would appear on the December 31,2024 , balance sheet

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