On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful
Accounts carried balances of $64,000 and $1,400, respectively. During the year, Kincaid
reported $155,000 of credit sales. Kincaid also wrote off $1,250 of receivables as uncollectible in
Year 2. Cash collections of receivables amounted to $166,700. Kincaid estimates that it will be
unable to collect one percent (1%) of credit sales. Kincaid's entry required to recognize the
uncollectible accounts expense for Year.
On January 1, Year 2, Kincaid Companys Accounts Receivable and the .pdf
1. On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful
Accounts carried balances of $64,000 and $1,400, respectively. During the year, Kincaid
reported $155,000 of credit sales. Kincaid also wrote off $1,250 of receivables as uncollectible in
Year 2. Cash collections of receivables amounted to $166,700. Kincaid estimates that it will be
unable to collect one percent (1%) of credit sales. Kincaid's entry required to recognize the
uncollectible accounts expense for Year
