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On January 1, 2014, the Miko Company had the following accounts on its books:
Accounts Receivable: $120,000 (debit) Allowance for Uncollectable Accounts: $4,200 (credit)
Assignment Template attached below
During the year 2014, credit sales were $260,000 and collections on accounts were $220,000. The following transactions occurred during 2014:
December 31, 2014: In an adjusting entry, Miko Company recorded the provision for uncollectable accounts at 1.5% of credit sales for the year.
Instructions:
Submit the following items in an Excel spreadsheet, labeling each as 1, 2, 3, and 4:
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