At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,900 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 2% of credit sales for the year. Credit sales for the year total $283,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Home » Business » At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,900 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 2% of credit sales for the year.