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  1. business
  2. accounting
  3. b. during 2024, credit sales were $656,000 (cost o

b. During 2024, credit sales were $656,000 (cost of sales $430,110 ); sales discounts taken...

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Accounting

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b. During 2024, credit sales were $656,000 (cost of sales $430,110 ); sales discounts taken were $15,000; accounts recelvable collected were $550,100; and accounts written off during the year totalled $12,400. Prepare the entries to record these transactions. Journal entry worksheet c. Record the adjusting entry required on December 31,2024 , to estimate uncollectible recelvables, assuming it is based on 3% of receivables. Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. Exercise 8-12 Estimating bad debt expense-percentage of receivables LO3 Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing Required: a. Assume that Demron estimates uncollectible accounts as 3% of recelvables. Prepare the adjusting entry required on December 31. 2023, to estimate uncollectible recelvables. d. Show how accounts receivable would appear on the December 31,2024 , balance sheet

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