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  3. 3) (a) levi corp. had net credit sales of $3,000,0

3) (a) Levi Corp. had net credit sales of $3,000,000, Accounts Receivable balance of $4,000,000,...

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Accounting

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3) (a) Levi Corp. had net credit sales of $3,000,000, Accounts Receivable balance of $4,000,000, and a credit balance in Allowance for Uncollectible Accounts of $10,000. Prepare the adjusting entry for recording bad debt expense assuming Levi bases bad debts (A) on 2% of sales, and (B) on 3% of receivables. (4 points) (b) The yearend balance for Allowance for Uncollectible Accounts will be (A) (B) (2 points) PERCENTAGE OF SALES DEBIT CREDIT PERCENTAGE OF RECEIVABLES DEBIT CREDIT

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