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Allowance method of accounting for bad debts

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Reference no: EM131701359

StorageTek Corporation gathered the following information from its accounting records for the year ended December, 31, 2016, prior to adjustment:

  • Net credit sales for the year = $1,150,000
  • Accounts Receivable (Dec 31, 2016) = $93,000
  • Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2016) = $6,000 debit balance
  • StorageTek Corporation uses the allowance method of accounting for bad debts and estimates bad debts at 2.5% of net credit sales.

Reference no: EM131701359

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