Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QS 7-7 (Algo) Percent of accounts receivable method LO P3 Warner Company's year end unadjusted trial balance shows accounts receivable of $100,000, allowance for doubtful

image text in transcribed
image text in transcribed
image text in transcribed
QS 7-7 (Algo) Percent of accounts receivable method LO P3 Warner Company's year end unadjusted trial balance shows accounts receivable of $100,000, allowance for doubtful accounts of $610 (credit), and sales of $290,000. Uncollectibles are estimated to be 150% of accounts receivable 1. Prepare the December 31 year end adjusting entry for uncollectibles 2. What amount would have been used in the year-end adjusting entry of the allowance account had a year-end unadjusted debit balance of $350? Complete this question by entering your answers in the tabs below. Required 1 Required 2 3 Journal entry worksheet 5 points Record the estimate of uncollectibles. Skloped Book Note: Enter debits before credits General Journal Date Dec 31 Debit Credit pelers Record entry Clareny View general journal Mc Graw Hill Prev Check my wor (credit), and sales of $290,000. Uncollectibles are estimated to be 150% of accounts receivable, 1. Prepare the December 31 year-end adjusting entry for uncollectibles 2. What amount would have been used in the year end adjusting entry if the allowance account had a year-end unadjusted debit balance of $350? Complete this question by entering your answers in the tabs below. Required Required 2 What amount would have been used in the year and adjusting entry if the allowance account had a year-end unadjusted debit balance of 53502 Amount used in the year and adjusting entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Introductory Financial Accounting For Business

Authors: Thomas P. Edmonds, Christopher Edmonds

2nd Edition

1260575306, 9781260575309

More Books

Students also viewed these Accounting questions