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lianna [129]
3 years ago
12

Marigold Corp.'s account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts a

re $917000 debit and $1920 credit, respectively. From an aging of accounts receivable, it is estimated that $42000 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for
Business
1 answer:
strojnjashka [21]3 years ago
4 0

Answer:

The necessary adjusting entry would include a credit to the allowance account for $40080

Explanation:

Marigold Corp.'s Account Balances

At December 31, 2020

Accounts Receivable  $917000 Debit

Allowance for Doubtful Accounts $1920 credit

Bad Debts                                $42000

Unadjusted Balance  of Uncollectibles          $ 1920

<u>Estimated Balances                                         $ 42000</u>

<u>Required  Adjustment                                      $ 40080</u>

<u />

The data tells that the Allowance for Doubtful Accounts  has a credit balance of $1920 the required adjustment to the allowance for doubtful accounts is $ 40080. The required entry is

Bad debts Expense            40,080 Dr.

Allowance for Doubtful Accounts $40,080 credit

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