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  3. 2. coffeldt sign company uses the allowance method

2. Coffeldt Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience...

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Accounting

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2. Coffeldt Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 4% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2019, and December 31, 2020, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/19 $400,000 150,000 5,000 12/31/20 $450,000 200,000 ? Instructions (a) Record the following events in 2020. Aug. 10 Determined that the account of Sue Lang for $1,000 is uncollectible. Sept. 12 Determined that the account of Tom Woods for $4,000 is uncollectible. Oct. 10 Received a check for $550 as payment on account from Sue Lang, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November

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