i. The Allowance for Uncollectible Accounts has a $1,400 credit balance prior to

Question

i. The Allowance for Uncollectible Accounts has a $1,400 credit balance prior to adjustment. Net credit sales during 2009 are $800,000 and 4% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 on Dec 31, 2009.
ii. The Allowance for Uncollectible Accounts has a $750 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2010, $30000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $114,000 on Dec 31, 2010.
iii. The Allowance for Uncollectible Accounts has a $1,300 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2011, $25,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $108,000 on Dec 31, 2011.
iv. The Allowance for Uncollectible Accounts has a $500 debit balance prior to adjustment. Net credit sales during 2012 are $875,000 and 5% are estimated to be uncollectible. Accounts Receivable has a balance of $130,000 on Dec 31, 2012.
Please do the adjusting journal entries needed for these years.

Explanation / Answer

i) a.Uncollectible Accounts

Allowance for uncollected accounts

$30600

i) b. Allowance for uncollected accounts

Accounts receivable

$30600

Allowance for uncollected accounts

$30750

ii) b. Allowance for uncollected accounts

Accounts receivable

$30750

iii) a. Allowance for uncollected accounts

Accounts receivable

$23700

iii) b. Allowance for uncollected accounts

Accounts receivable

$23700

iv) a. Allowance for uncollected accounts

Accounts receivable

$44250

iv) b. Allowance for uncollected accounts

Accounts receivable

$44250

Particulars Debit Credit

i) a.Uncollectible Accounts

Allowance for uncollected accounts

$30600

$30600

i) b. Allowance for uncollected accounts

Accounts receivable

$30600

$30600

ii) a.Uncollectible Accounts

Allowance for uncollected accounts

$30750

$30750

ii) b. Allowance for uncollected accounts

Accounts receivable

$30750

$30750

iii) a. Allowance for uncollected accounts

Accounts receivable

$23700

$23700

iii) b. Allowance for uncollected accounts

Accounts receivable

$23700

$23700

iv) a. Allowance for uncollected accounts

Accounts receivable

$44250

$44250

iv) b. Allowance for uncollected accounts

Accounts receivable

$44250

$44250

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