Assume That Part of Accounts and Other Receivables on Thompson

question 30

Essay

Assume that part of accounts and other receivables on Thompson Toys' balance sheet is $16 million as of February 2,2010.Also assume that Allowance for Uncollectible Accounts has a credit balance of $550,000 and that Thompson estimates its uncollectible accounts as 0.1 percent of net sales and the sales for the year is $11,019,000,000.Record the adjusting entry to recognize uncollectible accounts using the percentage of net sales method.Omit explanations.

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Definitions:

Stored Communications Act

U.S. legislation that addresses voluntary and compelled disclosure of "stored wire and electronic communications and transactional records" held by third-party internet service providers.

Social Media

Digital platforms that enable users to create, share, or exchange information, ideas, pictures, and videos in virtual communities and networks.

Punishable

An action or behavior that can be legally penalized because it violates a law or regulation.

Death

The cessation of all biological functions that sustain a living organism.