At the end of the year, a company has a balance in Allowance for Uncollectible Accounts...

At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year.

Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Expert Solution

Event	General Journal	Debit	Credit
1	Bad debts expense	$ 7,000.00
	Allowance for doubtful accounts		$ 7,000.00
	(To record bad debts expense)

Working

Estimated balance of allowance for uncollectables (180000 x 5%)	$ 9,000.00	Cr
Balance in Allowance for uncollectable account (Cr)	$ 2,000.00	Cr
Total bad debts to be recorded	$ 7,000.00	Cr

ekkarill92 answered 3 years ago

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