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ford file and upload the file in the space provided at the bottom of the...

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Accounting

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ford file and upload the file in the space provided at the bottom of the question box as your submitted ans tion Question 1 25 p The Jenko Company uses the percent of sales method of accounting for uncollectible accounts receivable. At the beginning of the current year, the Allowance for Doubtful Accounts had normal balance of $10,000. The following transactions took place during the current year: Sept. 7 Jenko Company determined that the $21,400 account receivable of the Helena Company was uncollectible and wrote it off. Dec. 31 Jenko Company estimates that 2% of its $2,200,000 of credit sales would be uncollectible. The Accounts Receivable Account had a balance of $1,250,000 Required: Parta. Prepare journal entries needed to account for the above information. Part b. Determine the balance of the Allowance for Doubtful Accounts at the end of the current yea Assume that the transactions above are the only transactions affecting this account during the year. Part c. Illustrate the impact (or explain the impact including location) on the Income Statement and the Balance Sheet of the above information

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