ACCT 102Please show calculations, thank you! The credit manager of Sweet Sales Inc. has gathered the following information about the company's accounts receivable and creditlosses during the current year:Net credit sales for the yearAccounts receivable at year-endUncollectible accounts receivable:$ 7,500,0001,750,000Actually written off during the yearEstimated portion of year-end receivables expected to proveuncollectible (per aging schedule)$ 98,00084,000182,000a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales.b. Uncollectible accounts expense is recognized by adjusting the balance in the Allowance for Doubtful Accounts to the amountindicated in the year-end aging schedule. The balance in the allowance account at the beginning of the current year was $25,000.(Consider the effect of the write-offs during the year on the balance in the Allowance for Doubtful Accounts.)c. The company uses the direct write-off method of accounting for uncollectible accounts.Prepare one journal entry summarizing the recognition of uncollectible accounts expense for the entire year under each of the aboveindependent assumptions. (If no entry is required for a transaction/event, select "No Journal entry required" in the first accountfield.)View transaction listJournal entry worksheet<>13.Record the estimated uncollectible accounts expense at 2.5% of net creditsales.lote: Enter debits before credits

Journal Entries- Journal entries refer to the certified book of a corporation which is used to…

The credit manager of Sweet Sales Inc. has gathered the following information about the company's accounts receivable and credit losses during the current year: Net credit sales for the year Accounts receivable at year-end Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) $7,500,000 1,750,000 $ 98,000 84,000 182,000

The credit manager of Sweet Sales Inc. has gathered the following information about the company's accounts receivable and credit losses during the current year: Net credit sales for the year Accounts receivable at year-end Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) $7,500,000 1,750,000 $ 98,000 84,000 182,000

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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