At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1.100 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1.100 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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