Quiz Ch 05 – Seidner Company

Financial Accounting

Thomas, Tietz, and Harrison

12th Edition

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Using the percent-of-sales method, Seidner Company has credit sales of $1,000,000, sales returns and allowances of $10,000, accounts receivable of $560,000, and an allowance for uncollectible accounts (debit) of $42,000 at year-end. What does the debit balance in the allowance for uncollectible accounts indicate?

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