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At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,800 (credit) before any year-end adjustment. The balance
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,800 (credit) before any year-end adjustment. The balance of Accounts Receivable is $220,000. The company estimates that 10% of accounts receivable will not be collected over the next year. Required: Record the adjusting entry for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjustment for uncollectible accounts. Note: Enter debits before credits. At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,800 (debit) before adjustment. The balance of Accounts Receivable is $171,000. The company estimates that 7% of accounts receivable will not be collected over the next year. Required: Record the adjusting entry for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjustment for uncollectible accounts. Note: Enter debits before credits. At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,200 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 4% of credit sales for the year. Credit sales for the year total $289,000. Required: Record the adjusting entry for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $24,000. Required: Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the write-off of the uncollectible accounts. Note: Enter debits before credits
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