CB Winter Sports specializes in providing ski lessons to beginners. The company uses the allowance...
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Accounting
CB Winter Sports specializes in providing ski lessons to beginners. The company uses the allowance method to account for uncollectible accounts expense. CB Sports experienced the following four accounting events in Year 1: Recognized $268,000 of revenue on account. Collected $128,000 cash from accounts receivable. Wrote off uncollectible accounts of $2,400. Recognized uncollectible accounts expense. CB estimated that uncollectible accounts expense will be 3 percent of sales on account.
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