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Calculate the allowance for doubtful accounts

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Question - On May 31, 2013 the allowance for doubtfull accounts for Buckler Retailers had a credit balance of $4,450. The company has estimated net credit sales for the coming fiscal period to be $800,000. It also has an accounts receivable balance of $125,000. The company estimates doubtful accounts on a percentage sales basis of 3.5% of credit sales.

A. Did the company under or over estimate doubtful accounts this past year?

B. Calculate the allowance for doubtful accounts.

C. Prepare the journal entry to adjust the allowance for doubtful accounts.

Reference no: EM132604157

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