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Fudgin [204]
3 years ago
13

At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,000. By the end ofthe year,

actual bad debts total $15,000. Record the write-off to uncollectible accounts. Following the write-off, what is thebalance of Allowance for Uncollectible Accounts?
Business
1 answer:
Bogdan [553]3 years ago
5 0

Answer:

1. Allowance for uncollectible accounts A/c Dr $15,000

             To Account receivable A/c $15,000

(Being write off amount is recorded)

2. $1,000 debit

Explanation:

1. The journal entry is shown below:

Allowance for uncollectible accounts A/c Dr $15,000

             To Account receivable A/c $15,000

(Being write off amount is recorded)

2. And, the balance of Allowance for Uncollectible Accounts would be

= Beginning balance of estimated uncollectible accounts - written off balance

= $14,000 - $15,000

= $1,000 debit

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The spending on interest regarding the national debt is 4.62% of the entire federal budget, on that basis, we can convert the 4.62% to what 1% term and multiply that by 100% to ascertain the total federal budget.

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