9. Deposits in transit 10. Bankfoefor collection on note receivable Assume that

Question

9. Deposits in transit 10. Bankfoefor collection on note receivable Assume that part of accounts and other receivables on Thompson Toys'balance sheet is S16 million as of February 2, 2010. Also assume that Allowance for Uncollectible Accounts has a credit balance of $550,000 and that Thompson estimates its uncollectible accounts as 0.1 percent of net sales and the amount of sales is S11,019,000,000. Reco sales method. rd the adjusting entry to recognize uncollectible accounts using the percentage of net General Journal Description Date Post. Debit Ref Credit

Explanation / Answer

Feb-2-2010 Bad debts expense 11019000 =11019000000*0.1%          Allowance for uncollectible accounts 11019000

Related Questions

Navigate

• Browse (All)
• Browse 9
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.