Sammy s Downtown Properties developed an aged

schedule of accounts receivable #3042

Sammy’s Downtown Properties developed an aged schedule of accounts receivable at the end
of each year.The company estimated an allowance for uncollectible accounts based on the
following rules:Aging Category Allowance ProvidedCurrent……………………………… 4%1– 30 Days Pa
Due…………………8%31– 60Days Past Due…………………10%61– 90 Days Past Due…………………3
90Days Past Due………………… 50%Sammy’s reported net credit sales of $ 4,500,000 for the current
year. We present the company’s ending balances of accounts receivable and the allowance for
uncollectible accounts below:Requireda. Compute the balance required in the allowance for
uncollectible accounts.b. Prepare the journal entry record the bad debt provision for the current
year.c. Independent of your answer to part (b), prepare the journal entry to record the bad debt
provision for the current year, assuming that the allowance for uncollectible accounts had a
$7S35 debit balance.View Solution:
Sammy s Downtown Properties developed an aged schedule of accounts receivable

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