Question
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $89,000; estimated
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $89,000; estimated uncollectible = 2%. Accounts 1-30 days past due = $29,000; estimated uncollectible = 25%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 55%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $810 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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