3) At the beginning of 2021, the balance in Jackson Enterprises' Allowance for Uncollectible Accounts was $31,800. During 2021, the company wrote off $38,000 of accounts receivable. Writing off the individual bad debts would include a: A) Debit to Bad Debt Expense. B) Credit to Accounts Receivable. C) Credit to the Allowance for Uncollectible Accounts. D) Debit to Bad Debt Expense; credit to the Allowance for Uncollectible Accounts. 4) At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (debit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: A) $6,540. B) $7,800. C) $7,140. D) $7,740.
3) At the beginning of 2021, the balance in Jackson Enterprises' Allowance for Uncollectible Accounts was $31,800. During 2021, the company wrote off $38,000 of accounts receivable. Writing off the individual bad debts would include a: A) Debit to Bad Debt Expense. B) Credit to Accounts Receivable. C) Credit to the Allowance for Uncollectible Accounts. D) Debit to Bad Debt Expense; credit to the Allowance for Uncollectible Accounts. 4) At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (debit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: A) $6,540. B) $7,800. C) $7,140. D) $7,740.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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