QS 7-8 (Algo) Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balance shows accounts receivable of $100,000, allowance for doubtful accounts of $610 (credit), and sales of $290,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. 2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $350? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 year-end adjusting entry for uncollectibles. No 1 Answer is not complete. Date December 31 General Journal Bad debts expense Allowance for doubtful accounts Debit 4,350 www Credit 4,350 x
QS 7-8 (Algo) Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balance shows accounts receivable of $100,000, allowance for doubtful accounts of $610 (credit), and sales of $290,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. 2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $350? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 year-end adjusting entry for uncollectibles. No 1 Answer is not complete. Date December 31 General Journal Bad debts expense Allowance for doubtful accounts Debit 4,350 www Credit 4,350 x
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 2SEA: UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES Rossins Racers has total credit sales for the year of...
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