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Instead of estimating un-collectibles at 2 of net sales

Use the information presented in BE7-4 for Wilton, Inc.

(a) Instead of estimating the un-collectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.

(b) Instead of estimating un-collectibles at 2% of net sales, assume Wilton prepares an aging schedule that estimates total uncollectible accounts at $24,600. Prepare the entry to record bad debt expense.

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Accounting Basics: Instead of estimating un-collectibles at 2 of net sales

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