At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $88,000; estimated uncollectible = 4%. 2. Accounts 1 to 30 days past due = $30,000; estimated uncollectible = 25%. 3. Accounts more than 30 days past due - $7,000; estimated uncollectible = 60%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $870 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $88,000; estimated uncollectible = 4%. 2. Accounts 1 to 30 days past due = $30,000; estimated uncollectible = 25%. 3. Accounts more than 30 days past due - $7,000; estimated uncollectible = 60%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $870 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 17E: Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of...

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