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 08 Aug 2017 My Price 4.00

Dapper Hat Makers Company

Aging Method and Net Sales Method Contrasted

e6A. aCCounting ConneCtion â–¶ Dapper Hat Makers Company sells merchandise on credit. During the fiscal year ended July 31, the company had net sales of $2,300,000. At the end of the year, it had Accounts Receivable of $600,000 and a debit balance in Allowance for Uncollectible Accounts of $3,400. In the past, approximately 1.4 percent of net sales have proved to be uncollectible. Also, an aging analysis of accounts receiv- able reveals that $30,000 of the receivables appears to be uncollectible.

Prepare journal entries to record uncollectible accounts expense using (a) the per- centage of net sales method and (b) the accounts receivable aging method. What is the resulting balance of Allowance for Uncollectible Accounts under each method? How would your answers under each method change if Allowance for Uncollectible Accounts

 

 

 

 

 

 

 

 

 

 

 

had a credit balance of $3,400 instead of a debit balance? Why do the methods result in different balances?

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Aug 2017 03:08 PM My Price 4.00

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