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horrorfan [7]
3 years ago
15

At the end of the first year of operations, Gaur Manufacturing had gross accounts receivable of $412,000. Gaur's management esti

mates that 8% of the accounts will prove uncollectible. What journal entry should Gaur record to establish an allowance for uncollectible accounts
Business
1 answer:
s344n2d4d5 [400]3 years ago
7 0

Answer:

Dr bad debt 32,960

Cr Allowance for uncollectible account 32,960

Explanation:

Preparation of the journal entry that Gaur should record to establish an allowance for uncollectible accounts

Since we were told that he had gross accounts receivable of the amount of $412,000 in which 8% of the accounts will prove uncollectible this means the transaction will be recorded as:

Dr Bad debt 32,960

Cr Allowance for uncollectible account 32,960

($412,000×8%)

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