On January 1, 2011, Chase Company's Accounts Receivable and the Allowance for Doubtful Accounts carried...
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On January 1, 2011, Chase Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $67,500 and $1,150 (credit), respectively. During the year Chase reported $141,500 of credit sales. Chase wrote off $2,600 of receivables as uncollectible in 2011. Cash collections of receivables amounted to $152,100. Chase estimates that it will be unable to collect two percent (2%) of credit sales. The amount of uncollectible accounts expense recognized in the 2011 income statement will be:
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