Sheffield's Corp.'s account balances at December 31, 2020 for Accounts Receivable and be related Allowance for...
Sheffield's Corp.'s account balances at December 31, 2020 for Accounts Receivable and be related Allowance for Doubtful Accounts are $917,000 debit and $2,000 credit, respectively. From an aging of accounts receivable, it is estimated that $37,900 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for
A. $39,900
B. $35,900
C. $2,000
D. $37,900
Homework Answers
The balance in the allowance for doubtful accounts should be $37,900.
Allowance for doubtful accounts has a normal credit balance.
Allowance for doubtful accounts already has $2,000 credit balance.
Remaining balance needed = $37,900 - $2,000
= $35,900
Option B.
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