At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is...
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Accounting
At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000 (credit) before adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $135,000. What is the adjusting entry Brinkley would record for Allowance for Uncollectible Accounts using the percentage-of-credit-sales method? (If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits belore credits. On March 12 . Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30, Grace pays for those services on March 20. Required: For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20 (If no entry is required for o particular transoction/event, select "No Journal Entry Required" in the first occount field.) Journal entry worksheet For Medical Waste Services, record the services on account of $11,000 on March 12, with terms 2/10,n/30. Note: Enter debits before credits
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