Prepare the year-end journal entry.
Homework Answers
| Explaination : | ||
| Estimated uncollectible account at end : 2,00,000*5% = $10,000 | ||
| Bad debt expense to be recorded =estimated uncollectible - balance in allowance account (cr) | ||
| = 10,000 - 2000 = $8,000 | ||
| Journal entry : | ||
| Accounts title and explaination | Debit | Credit |
| Bad debt expense A/c Dr. | $8,000.00 | |
| To Allowance for doubtful accounts | $8,000.00 |
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Prepare the year-end journal entry.
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