Milford company uses the percent-of-sales method to estimate uncollectibles. net credit sales for the current year amount to $ 140 ,000, and management estimates 2% will be uncollectible. the amount of expense to report on the income statement was $ 2,800. the allowance for uncollectible accounts prior to adjustment has a credit balance of $ 3,000. the balance of allowance for uncollectible accounts, after adjustment, will be

The balance of Allowance for Uncollectible Accounts, after adjustment, will be $5,800

Explanation:

The computation of the balance of Allowance for Uncollectible Accounts is shown below:

= Estimated uncollectible amount + credit balance of Allowance for Uncollectible Accounts

= $2,800 + $3,000

= $5,800

The estimated uncollectible amount is shown below:

= Net credit sales × uncollectible percentage

= $140,000 × 2%

= $2,800

Both the items would be considered for computing the balance of the  Allowance for Uncollectible Accounts.

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