Assume that part of accounts and other receivables on Thompson Toys' balance sheet is $16 million and that Thompson estimates its uncollectible accounts as 2 percent of all accounts receivable.Record the adjusting entry assuming that the company uses accounts receivable aging method to recognize uncollectible accounts if the Allowance for Uncollectible Accounts has a balance of:
a. $104,000 credit
b. $46,000 debit

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The Answer of Assume that part of accounts and other receivables on Thompson Toys' balance sheet is $16 million and that Thompson estimates its uncollectible accounts as 2 percent of all accounts receivable.Record the adjusting entry assuming that the company uses accounts receivable aging method to recognize uncollectible accounts if the Allowance for Uncollectible Accounts has a balance of:
a. $104,000 credit
b. $46,000 debit

Assume That Part of Accounts and Other Receivables on Thompson