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Escape Co. estimates bad debt expense at 1% of sales (all sales are on account). The company reported accounts receivable and allowance for uncollectible accounts of $450,000 and $2,000 respectively, at December 31, 2010.

During 2011, Escape's sales were 320,000 and collections on sales were $315,000. Accounts receivable written off totaled $1700.
1. Journalize the entry Escape used to prepare off customer Ken Ford for $50. (the $50 is included in the 1700 total written off)
2. The balance in Accounts Receivable on December 31, 2011, is
3. Journalize Escape's adjusting entry to record bad debt expense for 2011.
4. What is the adjusted balance in Allowance for Uncollectible Accounts on December 31, 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M990499

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