At the end of the first year of operations, Gaur Manufacturing had gross accounts receivable of...
At the end of the first year of operations, Gaur Manufacturing had gross accounts receivable of $281,000. Gaur's management estimates that 5% of the accounts will prove uncollectible.
What journal entry should Gaur record to establish an allowance for uncollectible accounts?
Record an allowance for uncollectible accounts.
Homework Answers
| Account Titles | Debit | Credit |
| Bad Debt Expense | $ 14,050 | |
| Allowance for Uncollectible accounts | $ 14,050 | |
| (Bad debt expense recorded for uncollectible accounts) | ||
Bad Debt Expense = $281000 x 5%
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