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On January 31, 2014, the Accounts Receivable balance of Advanced Automotive Technology is $270,000. The Allowance for Uncollectible Accounts has a $4, 100 credit balance.
On January 31, 2014, the Accounts Receivable balance of Advanced Automotive Technology is $270,000. The Allowance for Uncollectible Accounts has a $4, 100 credit balance. Advanced Automotive Technology prepares the following aging schedule for its accounts receivable: Journalize the year - end adjusting entry for uncollectible accounts on the basis of the aging schedule. Calculate the resulting ending balance of the Allowance account based on the account aging. Show the T-account for the Allowance on January 31, 2014. Assume that instead of a $4, 100 credit balance, there is a $900 debit balance in the Allowance account prior to adjustment. Journalize the year - end adjusting entry for uncollectible accounts on the basis of the aging schedule. Calculate the resulting ending balance of the Allowance account based on the account aging. Show the T-account for the Allowance on January 31, 2014
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