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Sauron [17]
3 years ago
8

At December 3 2018, Waco Travel Agency has an Accounts Receivable balance of $93,000. Allowance for Uncollectible Accounts has a

credit balance of $870 before the year-end adjustment. Service revenue (all on account) for 2018 was $800,000. Waco estimates that its uncollectible-account expense for the year is 1% of service revenue.
Make the year-end entry to record uncollectible- account e are reported on the balance sheet at December 31,2018.
Show how Accounts Receivable and Allowance for Uncollectible Accounts.
Business
1 answer:
Alexxandr [17]3 years ago
7 0

Answer:

                          Waco Travel Agency

                              Journal entry

Date           Account and explanation                Debit        Credit

Dec 31 Bad debt expense (800,000 * 1%)       $8,000

              Allowance for uncollectible accounts                $8,000

           (To record uncollectible account expense)  

                           Waco Travel Agency

                                  Balance Sheet

<u><em>Current assets</em></u>

Account receivable                                        $93,000  

Less: Allowance for uncollectible account <u>($8,870) </u>---- ($8,000 + $870)

                                                                        <u>$84,130</u>

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