A company has $150,000 of credit sales during the year and estimates that $1,000 of its accounts receivable will be uncollectible. The adjusting entry will include a credit to:

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17-11-2021
Business

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A company has $150,000 of credit sales during the year and estimates that $1,000 of its accounts receivable will be uncollectible. The adjusting entry will include a credit to:

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anthougo anthougo · Answer 1 · 2021-11-30T11:25:01+01:00

The adjusting entry to record the estimated uncollectible accounts of $1,000 includes credit to the Allowance for Uncollectible Accounts, as detailed below:

Adjusting Journal Entry:

Debit Bad Debts $1,000

Credit Allowance for Uncollectible accounts $1,000

To record the bad debts expense for the year.

Data and Calculations:

Credit sales for the year = $150,000

Allowance for Uncollectible Accounts = $1,000

Adjusting entry:

Bad Debts $1,000 Allowance for Uncollectible accounts $1,000

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