ACC 205 Week 2 Exercise 8 Allowance method estimation and balance sheet disclosure

estimation and balance sheet disclosureAllowance method: estimation and balance sheet disclosure. The following pre-­adjusted information for the Maverick Company is available on December 31:Accounts receivable $107,000Allowance for uncollectible accounts 5,400 (credit balance)Credit sales 250,000Prepare the journal entries necessary to record Maverick’s uncollectible accounts expense under each of the following assumptions:(1) Uncollectible accounts are estimated to be 5% of Credit Sales.(2) Uncollectible accounts are estimated to be 14% of Accounts Receivable.How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (1) of part (a)?How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)?How would Maverick’s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)? Follow this link to get a similar paper written from scratchPlace an order for this assignment or any other paper with us. We guarantee that the paper will be delivered within the specified deadline. We also have a personalized customer support and you will be able to communicate with your writer throughout the order preparation process. Thank you for choosing us.