Kendo Company has a December 31 year-end. The following information relates to the year just ended:

Sales for the year $25,250 (of which 20% were cash sales)

Accounts Receivable January 1 were $15,000 and increased 50% by December 31

Allowance for Doubtful Accounts January 1 $4,123

Kendo sets its provision for uncollectible accounts receivable at 2% of credit sales.

Required 1: Assuming no other transaction happened, what is the Uncollectible Accounts Expense reported on Decmber 31st?

Required 2: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?

Required 3: Assuming no other transaction happened, what is the adjusted balance of Allowance for Doubtful Accounts at December 31st?

Answer rating: 100% (QA)

Required 1 Credit sales for the year 25250 08 20200 Uncoll... View the full answer