At December 31, Gill Co. reported accounts receivable of $264,000 and an allowance for uncollectible accounts of $1,450 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:
Multiple Choice
$6,470.
$1,450.
$7,920.
$5,780.
Adjustment for uncollectibles
= (Accounts receivable * % uncollectible) - credit balance
= (264,000*3%) - 1450
= 6470
OPTION A IS THE ANSWER
At December 31, Gill Co. reported accounts receivable of $264,000 and an allowance for uncollectible accounts...
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