During the year, Mountaintop Company had net credit sales of $800,000. Past experience shows that 1.5 percent of the firm's net credit sales will be uncollectible. Determine the adjusting entry needed to recognize the estimated expense for these uncollectible accounts.

Answer rating: 100% (QA)

1 Calculate Estimated Uncollectible Amount Net Credit Sales 800000 Uncollectible Rate 15 or 0015 exp... View the full answer