ACC 291 Wk 2 Team Reflection

May 1st, 2015
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ACC 291 Wk 2 Team Reflection

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Learning Team Reflection- Week 2Companies must estimate the amount of doubtful accounts used in an accounting period. There are two different ways a company estimate the amounts by either using the percentage of sales or percentage of receivables methods. Each method meets the standards of GAAP. It just depends whether the company wants to emphasize the balance sheet or income statement. The percentage of sales method is calculated by an estimate based on past financial reporting periods. A company selects percentage of use and multiplies by net sales. The amount calculated is an adjusting entry that debits bad debt expense and credits allowance for doubtful accounts. The percentage of receivable methods is calculated from the amount of receivable that will be uncollected. The company prepares an aging schedule focusing on the debts that have aged. The compan

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