please show all work. Incollectible Accounts Receivable The Accounts Receivable balance for Mango Corporation...
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Incollectible Accounts Receivable The Accounts Receivable balance for Mango Corporation is $480,000 as of May 31, 2018. Before calculating and recording May 2018 Uncollectible Accounts Expense, the Allowance for Uncollectible Accounts has a credit balance of $30,000. Net credit sales for May 2018 are $2,000,000, and over the past several years, 2.5% of net credit sales have proven uncollectible. An aging of Mango Corporation's Accounts Receivable results in a $90,000 estimate for the Allowance for Uncollectible Accounts as of May 31, 2018. PART A: PERCENTAGE OF NET SALES METHOD Assume that Mango SHOW YOUR CALCULATIONS BELOw. Corporation uses the percentage of net sales method to estimate future uncollectible accounts. What adjusting entry does Mango make to record May 2018 Uncollectible Accounts Expense? a. 406 600 b. What is the "Accounts Receivable, net" on Mango's May 31, 2018 Balance Sheet? s 30% c. What is "Uncollectible Accounts Expense" on Mango's May 2018 Income Statement? S
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