Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 6.00

DeLuca Company

Aging Method and Net Sales Method Contrasted

e5A. aCCounting  ConneCtion  ▶  During  2014,  DeLuca  Company  had  net  sales of $5,700,000. Most of the sales were on credit. At the end of 2014, the balance of Accounts Receivable was $700,000 and Allowance for Uncollectible Accounts had a debit balance of $24,000. DeLuca’s management uses two methods of estimating uncol- lectible accounts expense: the percentage of net sales method and the accounts receiv- able aging method. The percentage of uncollectible sales is 1.5 percent of net sales, and based on an aging of accounts receivable, the end-of-year uncollectible accounts total

$70,000.

Prepare the year-end adjusting entry to record the uncollectible accounts expense under each method. What will the balance of Allowance for Uncollectible Accounts be after each adjustment? Why are the results different? Which method is likely to be more reliable? Why?

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Maurice Tutor
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Status NEW Posted 16 Aug 2017 10:08 PM My Price 6.00

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