Question

cise 5 88 A company has the following balances on December 31, Year 1, before any adjustment: Accounts Recevable $57,000, Allowance for Uncollectible Accounts $1,100 (credit On December 31, Year 1, the company estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, Year 1. (If no entry is required for a particuler transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet > < Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. General Journal December 31 Record entry Clear entry View general journal 1 of 1

Answer 1

Answer 1.	Date	Account	Debit	Credit
	31-Dec	Bad debts expense	$    7,450
		Allowance for doubtful accounts		$        7,450
		(Provision made for Bad debts)
		Bad debts estimated = 15% of Receivable $57000	$        8,550
		Less:credit Balance in Doubtful Accounts	$        1,100
		Adjusting entry required for Amount =	$        7,450
Answer 2
		Bad Debt Expense	$        7,450
		Allowances for uncollectible accounts	$        8,550
Answer 3
		Total Accounts Receivable	$     57,000
		Less: Allowances for uncollectible accounts	$        8,550
		Net realizable values	$     48,450

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