Question

As of june 30, 2019, great adventures finishes its first 12 months of operations. if suzie wants to prepare financial statements, part of the process would involve allowing for uncollectible accounts receivable.
a. suppose suzie estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $5,600 note receivable from myers manufacturing). record the adjustment for uncollectible accounts on june 30, 2019. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Answer 1

As of June 30, 2013, Great Adventures finishes its first 12 months of operations. If Suzie wants to prepare financial statements, part of the process would involve allowing for uncollectible accounts receivable