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Reference no: EM13912671

Shamrock Company

Shamrock Company sells their merchandise only on account. The following data are available at December 31, 2014.

Sales

     $512,000

Sales returns and allowances

Sales discounts

         10,000

           2,000

Allowance for doubtful accounts at January 1, 2014 (credit balance)

           3,500

Accounts receivable, December 31, 2014

        200,000

1.Prepare the journal entry necessary on December 31, 2014 if the company estimates that bad debt expense should be 2% of net credit sales.

2.Prepare the journal entry necessary on December 31, 2014 if the company estimates that 5% of accounts receivable will be uncollectible.

3.Assume that the Allowance for Doubtful Accounts at January 1, 2014 has a debitbalance of $2,500. Prepare the journal entry necessary on December 31, 2014 if the company estimates that 5% of accounts receivable will be uncollectible.

4.Assume that on March 1, 2015, the company writes off an uncollectible account in the amount of $1,500. Prepare the necessary journal entry on March 1st.

Reference no: EM13912671

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