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jonny [76]
2 years ago
5

At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (credit) b

efore any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:
Business
1 answer:
Firlakuza [10]2 years ago
5 0

Answer: $7,740

Explanation:

Given, At December 31, Accounts receivable = $238,000

Allowance for uncollectible accounts = 3% of (accounts receivable)

∴ Allowance for uncollectible accounts = 3% of ($238,000 )

=$(0.03 ×238,000)                [3% = 0.03]

= $ (7140)

= $7,140

Allowance for uncollectible accounts (credit) before any adjustments= $600

The amount of the adjustment for uncollectible accounts = Allowance for uncollectible accounts +  $600

= $7,140 +  $600

= $7,740

Hence, The amount of the adjustment for uncollectible accounts would be: <u>$7,740.</u>

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