system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 57 Jan. Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15%. The appropriate company paid freight costs of $780. 6 Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. 11 Sarasota received the balance due from Xtra. 2 5

system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 57 Jan. Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15%. The appropriate company paid freight costs of $780. 6 Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. 11 Sarasota received the balance due from Xtra. 2 5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please see below. I need help with this asap please and thank you.
The Maderite Furniture Company has an allowance for uncollectible accounts account with a PhP. 300 debit balance. Net credit sales for the period were PhP. 160,000. An aging process shows that PhP. 5,400 of the accounts receivable probably will be uncollectible. In addition, Maderite Furniture believes that 4% of all net credit sales are uncollectible. The percent-of-sales method is used to account for uncollectibles. If the aging approach is used to account for uncollectible accounts, what will be the balance in allowance for uncollectible accounts after the adjusting entry is made?
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