ACC 205 Week 2 Exercise 8 Allowance method estimation and balance sheet disclosure

estimation and balance sheet disclosure

Allowance method: estimation and balance sheet disclosure. The following pre-­adjusted information for the Maverick Company is available on December 31:

  • Accounts receivable $107,000
  • Allowance for uncollectible accounts 5,400 (credit balance)
  • Credit sales 250,000
  1. Prepare the journal entries necessary to record Maverick’s uncollectible accounts expense under each of the following assumptions:

(1) Uncollectible accounts are estimated to be 5% of Credit Sales.

(2) Uncollectible accounts are estimated to be 14% of Accounts Receivable.

  1. How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (1) of part (a)?
  2. How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)?
    1. How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)?

 

Follow this link to get a similar paper written from scratch
Place an order for this assignment or any other paper with us. We guarantee that the paper will be delivered within the specified deadline. We also have a personalized customer support and you will be able to communicate with your writer throughout the order preparation process. Thank you for choosing us.

order-now-blue

Have troubles with paper writing? You’ve found the right paper writing company! We are the leading essay writing services that provides quality papers for a reasonable price. On our website, you can order various assignments. Our work is 100% original. We write your essay from scratch, according to the exact specifications of your assignment. We guarantee it will pass any plagiarism check

Get Your Papers Completed by Expert Writers

Order essays, term papers, research papers, reaction paper, research proposal, capstone project, discussion, projects, case study, speech/presentation, article, article critique, coursework, book report/review, movie review, annotated bibliography, or another assignment without having to worry about its originality – we offer 100% original content written completely from scratch

PLACE YOUR ORDER

Related Posts

© All Right Reserved