Question
Question 1 At the end of the year, Mercy Cosmetics balance of Allowance for Uncollectible Accounts is $700 ( debit ) before adjustment. The balance
Question 1
At the end of the year, Mercy Cosmetics balance of Allowance for Uncollectible Accounts is $700 (debit) before adjustment. The balance of Accounts Receivable is $26,000. The company estimates that 10% of accounts will not be collected over the next year.
What is the adjusting entry Mercy Cosmetics would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Record the adjusting entry for Allowance for Uncollectible Accounts.
Note: Enter debits before credits.
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Question 2
At the end of the year, Dahir Incorporateds balance of Allowance for Uncollectible Accounts is $2,200 (credit) before adjustment. The company estimates future uncollectible accounts to be $11,000.
What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Record the adjusting entry for Allowance for Uncollectible Accounts.
Note: Enter debits before credits.
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Question 3
At the end of the year, Dahir Incorporateds balance of Allowance for Uncollectible Accounts is $2,500 (debit) before adjustment. The company estimates future uncollectible accounts to be $12,500.
What is the adjusting entry Dahir would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Record the adjusting entry for Allowance for Uncollectible Accounts.
Note: Enter debits before credits.
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