Question attached in screenshotthanks for the help23y2y52ohpk25hpo25kop During its first year of operations, Chocolate Passion, Inc. had sales of $455,000, all on account. Industry experience suggests that Chocolate's uncollectibles will amount to 3% of credit sales. At December 31, 2021, accounts receivable total$57,000. The company uses the allowance method to account for uncollectibles.1. Make Chocolate's journal entry for uncollectible-account expense using the percent-of-sales method.2. Show how Chocolate should report accounts receivable on its balance sheet at December 31, 2021.1. Make Chocolate's journal entry for uncollectible-account expense using the percent-of-sales method. (Record debits first, then credits. Exclude explanations from journal entries.)Journal EntryDateDec 31AccountsDebitCredit

Accounts receivable: It implies to the amount that is due to be received by the company from it's…

During its first year of operations, Chocolate Passion, Inc. had sales of $455,000, all on account. Industry experience suggests that Chocolate's uncollectibles will amount to 3% of credit sales. At December 31, 2021, accounts receivable tot $57,000. The company uses the allowance method to account for uncollectibles. 1. 2. Make Chocolate's journal entry for uncollectible-account expense using the percent-of-sales method. Show how Chocolate should report accounts receivable on its balance sheet at December 31, 2021. 1. Make Chocolate's journal entry for uncollectible-account expense using the percent-of-sales method. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Dec 31 Accounts Debit Credit

During its first year of operations, Chocolate Passion, Inc. had sales of $455,000, all on account. Industry experience suggests that Chocolate's uncollectibles will amount to 3% of credit sales. At December 31, 2021, accounts receivable tot $57,000. The company uses the allowance method to account for uncollectibles. 1. 2. Make Chocolate's journal entry for uncollectible-account expense using the percent-of-sales method. Show how Chocolate should report accounts receivable on its balance sheet at December 31, 2021. 1. Make Chocolate's journal entry for uncollectible-account expense using the percent-of-sales method. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Dec 31 Accounts Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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