Please help me do a general journal for this scenario: Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at $200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10, N30. You do some research with the local industry trade group. Uncollectible accounts typically run a 2% of receivables for the Industry. You discuss this with Scott and you agree to establish an allowance using this guidance.

Please help me do a general journal for this scenario: Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at $200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10, N30. You do some research with the local industry trade group. Uncollectible accounts typically run a 2% of receivables for the Industry. You discuss this with Scott and you agree to establish an allowance using this guidance.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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