Question: Needing some help with both questions please. Explainations would be great as well! 9. Johnson Co. uses an aging schedule to estimate bad debts. An

Needing some help with both questions please. Explainations would be great as well!  Needing some help with both questions please. Explainations would be great

9. Johnson Co. uses an aging schedule to estimate bad debts. An aging analysis shows that $60,000 in accounts are estimated to be uncollectible. The Allowance for Uncollectible Accounts already has a $5,000 credit balance. For what amount should the account be adjusted (credited)? a. $65,000 b. $70,000 c. $60,000 d. S55,000 10. Jacobs Co. uses a percentage of credit sales to estimate bad debts. Past experience indicates that about 2% of credit sales will become uncollectible. Credit sales for the current month are $400,000. The Allowance for Uncollectible Accounts already has a $3,000 debit balance. For what amount should the account be adjusted (credited)? a. $83,000 b. $5,000 c. $8,000 d. S11,000 Page 1 of 1 399 words Focus

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!