Business, 18.03.2021 01:10 ahamim099091
A nonprofit social service organization uses the allowance method to account for uncollectible accounts receivable. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $755 (CREDIT balance) and sales of $925,000. After performing an accounts receivable aging analysis, the controller estimates that uncollectible accounts are estimated to be 4% of accounts receivable.
Required:
a. Document the balances in the accounts.
b. Prepare the entry to recognize the organization's annual entry to recognize bad debt expense.
Answers: 3
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