The following information was abstracted from the records of the Norrick Corporation:

Prepare the adjusting entry for doubtful accounts expense under each of the following assumptions:
(1)3 percent of outstanding accounts receivable are uncollectible.
(2)1.5 percent of 2014 net sales are uncollectible.
(3)An aging schedule of the accounts shows that $21,400 of the accounts are uncollectible.

Question

The following information was abstracted from the records of the Norrick Corporation:
  
Prepare the adjusting entry for doubtful accounts expense under each of the following assumptions:
(1)3 percent of outstanding accounts receivable are uncollectible.
(2)1.5 percent of 2014 net sales are uncollectible.
(3)An aging schedule of the accounts shows that $21,400 of the accounts are uncollectible.

Quizplus · Accepted Answer

The Answer of The following information was abstracted from the records of the Norrick Corporation:
  
Prepare the adjusting entry for doubtful accounts expense under each of the following assumptions:
(1)3 percent of outstanding accounts receivable are uncollectible.
(2)1.5 percent of 2014 net sales are uncollectible.
(3)An aging schedule of the accounts shows that $21,400 of the accounts are uncollectible.

The Following Information Was Abstracted from the Records of the Norrick