Solved: Gold estimated that 6 of credit sales are uncollectible, Accounting Basics

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Gold estimated that 6 of credit sales are uncollectible

Problem - Gold Inc. had the following information available before adjusting journal entries;

Total Sales (60% credit) - $ 1,800,000.00 cr

Accounts receivable - $ 175,000.00 dr

Allowance - $ 6,200.00 dr

A. Gold estimated that 6% of credit sales are uncollectible.

What is the year end journal entry?

What is the net realizable value before and after the journal entry?

B. If Gold estimated 12% of Accounts Receivable to be uncollectible

What is the year end journal entry?

What is the net realizable value after the journal entry?

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Accounting Basics: Gold estimated that 6 of credit sales are uncollectible

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Accounting Basics: Gold estimated that 6 of credit sales are uncollectible

Reference No:- TGS02546532

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