Warner Company's year-end unadjusted trial balance shows accounts receivable of $101,000, allowance for doubtful ac...
Warner Company's year-end unadjusted trial balance shows accounts receivable of $101,000, allowance for doubtful accounts of $620 (credit), and sales of $300,000. Uncollectibles are estimated to be 0.50% of sales.
Prepare the December 31 year-end adjusting entry for uncollectibles.
Homework Answers
The entry would be
| Date | Account | Debit | Credit |
|---|---|---|---|
| Dec 31 | Bad debts expense | 880 | |
| Allowance for Doubtful Accounts | 880 | ||
| (300,000*0.50%) - 620 |
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