A company has the following
balances on December 31, Year 1, before any adjustment: Accounts
Receivable = $120,000; Allowance for Uncollectible Accounts =
$2,000 (debit). On December 31, Year 1, the company estimates
uncollectible accounts to be 10% of accounts receivable. Required:
1. Record the adjusting entry for uncollectible accounts on
December 31, Year 1. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first
account field.)
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (120000*10%+2000) | 14000 | |
| Allowance for doubtful accounts | 14000 | ||
| (to record adjusting entry) |
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A company has the following
balances on December 31, Year 1, before any adjustment: Accounts
Receivable...
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