Question
A company shows the following account balances on December 31: Accounts Receivable $480,987 Dr. Allowance for Uncollectible Accounts 18,369 Cr. Sales 724,889 Cr. Sales Discounts
A company shows the following account balances on December 31:
| Accounts Receivable | $480,987 | Dr. |
| Allowance for Uncollectible Accounts | 18,369 | Cr. |
| Sales | 724,889 | Cr. |
| Sales Discounts | 25,091 | Dr. |
The company then wrote off $9,424 of accounts receivable. The Allowance for Uncollectible Accounts is then adjusted to 4% of the outstanding receivables. The amount of the adjusting entry to record uncollectible accounts expense is:
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Agile Audit Transformation And Beyond
Authors: Toby DeRoche
1st Edition
1032062894, 978-1032062891
