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pentagon [3]
3 years ago
9

Brief Exercise 5-7 Record the adjustment for uncollectible accounts (LO5-3) At the end of the year, Dahir Incorporated’s balance

of Allowance for Uncollectible Accounts is $3,000 (debit) before adjustment. The company estimates future uncollectible accounts to be $15,000. What is the adjustment Dahir would record for Allowance for Uncollectible Accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Arada [10]3 years ago
5 0

Answer:

At the end of period the allowance for uncollectible debts will be: 15000-3000 = $ 12000 because 3000 account receivable is written off.

Explanation:

(Opening) Allowance for uncollectible accounts = 3000 (Dr)

During the year company estimates = $ 15000

Entry : Dr  Bad debts expense   15000

                     Cr Allowance for bad debts     15000

            ( To record uncollectible accounts)

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