Calculator Jefferson uses the percent of sales methed of estimating uncollectibl

Question

Calculator Jefferson uses the percent of sales methed of estimating uncollectible expenses. Based on pas are $5,550,000. Which of the following is correct regarding the entry to record esti Accounts Receivable will be debited t history, 2% of c credit sales are expected to be uncollectible. Sales for the current year g is correct regarding the entry to record estimated uncollectible receivables? Bad Debt Expense will be credited Cash will be debited Allowance for Doubtful Accounts will be credited

Explanation / Answer

The answer is D credit allowance for doubtful accounts.

entry at the time of estimation of uncollectible debts

Uncollectible accounts expense Dr $111000

Allowance for Doubtful debts a/c $111000

( to record total uncollectible estimation of accounts receivable)

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