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lyudmila [28]
3 years ago
14

On December 31, prior to adjustment, Allowance for Uncollectible Accounts has a credit balance of $400. An age analysis of the a

ccounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for______________
Business
1 answer:
slega [8]3 years ago
4 0

Answer:

Bad debts expense                                      Debit            $ 600

Allowance for Uncollectible expenses       Credit                          $ 600

Explanation:

The allowance for uncollectible accounts is estimated usually on the basis of a percentage of credit sales. The data in the question indicates that the estimated losses from uncollectible accounts is $ 1,000.

The unadjusted balance is $ 400, so the adjusting entry is for the balancing amount, i.e. $ 600. It is debited to bad debts and credited to allowance for uncollectible accounts.

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Answer:

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