QUESTION
On December 31, 20X1, certain account balances at Galaxy Company were as follows before year-end adjustments: Accounts Receivable Allowance for Uncollectible Accounts (credit) Sales Sales Returns and Allowances $\$ 1,857,000$ 3,561 $18,471,000$ 75,700 A further examination of the records showed that the "Sales" included $\$ 1,904,400$ of cash sales during the year. Of the sales returns and allowances, $\$ 69,600$ came from credit sales. Assume that Galaxy Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable. Required: Compute the estimated amount of uncollectible accounts and give the general journal entry to record the provision for uncollectible accounts. Complete this question by entering your answers in the tabs below. \begin{tabular}{l|l} Uncollect \\ Accounts \end{tabular}$\quad \begin{array}{l}\text { General } \\ \text { Journal }\end{array}$ Compute the estimated amount of uncollectible accounts. (Round your "Estimated uncollectible rate" to 3 decimal places, i.e. $1.2 \%$ should be entered as 0.012 .) \begin{tabular}{|l|l|} \hline & \\ \hline Accounts receivable & \\ \hline Estimated uncollectible rate & \\ \hline Estimated uncollectible accounts & \\ \hline & \\ \hline Adjustment amount & \\ \hline \end{tabular}
Prepare the general journal entry to record the provision for uncollectible accounts. View transaction list \begin{tabular}{|c|c|l|c|c|} \hline No & \multicolumn{1}{|c|}{ Date } & \multicolumn{1}{|c|}{ General Journal } & Debit & Credit \\ \hline 1 & Dec $31,20 \times 1$ & Uncollectible accounts expense & & \\ \hline & & Allowance for doubtful accounts & & \\ \hline \end{tabular} Uncollect Accounts Ceneral Journal >
Public Answer
