At the end of the first year of operations, Mayberry Advertising had accounts receivable of $21,600....
At the end of the first year of operations, Mayberry Advertising had accounts receivable of $21,600. Management of the company estimates that 8% of the accounts will not be collected.
What adjustment would Mayberry Advertising record to establish Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Homework Answers
Accounts receivable ending balance = $21,600
Percentage estimated as uncollectible = 8%
Bad Debt Expense = Accounts receivable ending balance x percentage estimated as uncollectible
= 21,600 x 8%
= $1,728
The following adjustment would Mayberry Advertising record to establish Allowance for Uncollectible Accounts:
Journal
|
|
Bad debt expense |
1,728 |
|
|
Allowance for uncollectible accounts |
1,728 |
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At the end of the first year of operations, Mayberry Advertising
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