During its first year of operations world class sport shoes

Reference no: EM13570094

During its first year of operations, World Class Sport Shoes earned revenue of $388, 000 on account. Industry experience suggests that bad debts will amount to 4% of revenues. At December 31, 2012, accounts receivable total $35,000. The company uses the allowance method to account for uncollectible.

Requirements
R1. Journalize World Class' sales and uncollectible account expense using the percent of sales method
R2. Show how to report accounts receivable on the balance sheet at December 31, 2012.

Reference no: EM13570094

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