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Dmitriy789 [7]
3 years ago
7

At december 31, gill co. reported accounts receivable of $244,000 and an allowance for uncollectible accounts of $1,350 (credit)

. an analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. the amount of the adjustment for uncollectible accounts would be:
Business
1 answer:
konstantin123 [22]3 years ago
4 0
Given:
<span>accounts receivable of $244,000
allowance for uncollectible accounts of $1,350 (credit)

1% of the accounts receivable should be the value of the allowance for uncollectible accounts. 

244,000 x 1% = 2,440

2,440 - 1,350 = 1,090

Adjusting entry:
                                           Debit                    Credit
Bad Debt Expense             1,090
        Allowance for uncollectible accounts       1,090</span>
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CI formula :  A = P(1 + r/n)^nt

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