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The income statement approach to estimating uncollectible acounts expense is used by Colson Company. On Feb.
The income statement approach to estimating uncollectible acounts expense is used by Colson Company. On Feb. 28, the firm had accounts receivable in the amount of $437,000 and Allowance For Doubtful Accounts had a credit balance of $2140 before adjustment. Net credit sales for Feb. amounted to $3,500,000. Teh credit manager estimated that uncollectible accounts expense would amount to 1% of net credit sales made during Feb. On march 10, an accounts receivable from Marie Foley for $6,100 was determined to be uncollectible and written off.a. Prepare the journal entries made by Colson Company on the followin dates:1.Feb. 282.March 10
