Problem on the Provision for Uncollectible Accounts The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as December 31, 20A showed in part the Accounts Receivable and its related Estimated Uncollectible Accounts: Debit Credit Accounts Receivable Estimated Uncollectible Account P 300,000 4,000 1. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of its outstanding receivable, what would the amount of adjustment be? 2. What is the required adjusting entry on December 31, 20A? 3. What is the Estimated Realizable Value of the Accounts Receivable as of December 31, 20A?
Problem on the Provision for Uncollectible Accounts The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as December 31, 20A showed in part the Accounts Receivable and its related Estimated Uncollectible Accounts: Debit Credit Accounts Receivable Estimated Uncollectible Account P 300,000 4,000 1. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of its outstanding receivable, what would the amount of adjustment be? 2. What is the required adjusting entry on December 31, 20A? 3. What is the Estimated Realizable Value of the Accounts Receivable as of December 31, 20A?
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section14.1: Uncollectible Accounts Receivable
Problem 1OYO
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PROBLEM ON THE PROVISION FOR UNCOLLECTIBLE ACCOUNTS
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