Essay
The following information is available for Plains Company,which uses the allowance method of accounting for uncollectible accounts.
Plains estimated that 1% of sales on account will be uncollectible.After several attempts at collection,Plains wrote off an account of $900 that could not be collected.
Required: Prepare journal entries for the following events:
a)2016 service revenue
b)2016 collections on account
c)Write-off of the uncollectible account
d)Uncollectible accounts expense for 2016
Correct Answer:
Verified
Correct Answer:
Verified
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