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Requirements 1. Journalize the year-end adjusting entry for uncollectible accounts on the basis of the aging schedule. Calculate the resulting ending balance of the Allowance
| Requirements | |||||||||
| 1. 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. 2. 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. | |||||||||
| Req. 1 | |||||||||
| Journal | |||||||||
| DATE | ACCOUNTS AND EXPLANATIONS | POST REF. | Dr. | Cr. | |||||
| 2014 | |||||||||
| Computations: | |||||||||
| Balance needed in allowance account: | |||||||||
| Adjusting entry amount: | |||||||||
| Allowance for uncollectible accounts | |||||||||
| Req. 2 | |||||||||
| Journal | |||||||||
| DATE | ACCOUNTS AND EXPLANATIONS | POST REF. | Dr. | Cr. | |||||
| 2014 | |||||||||
| Computations: | |||||||||
| Allowance for uncollectible accounts | |||||||||
 | |||||||||
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