at the end of the year, a company has a balance in allowance for uncollectible accounts of $2,000 (debit) before any year-end adjustment. the balance of accounts receivable is $180,000. the company estimates that 5% of accounts receivable will not be collected over the next year. record the adjusting entry at the end of the year for uncollectible accounts.

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17-10-2022
Business

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at the end of the year, a company has a balance in allowance for uncollectible accounts of $2,000 (debit) before any year-end adjustment. the balance of accounts receivable is $180,000. the company estimates that 5% of accounts receivable will not be collected over the next year. record the adjusting entry at the end of the year for uncollectible accounts.

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-10-21T17:36:40+02:00

At the end of the year, a company has a balance in the allowance for uncollectible accounts of $2,000 (debit) before any year-end adjustment. The adjusting entry at the end of the year for uncollectible accounts will see

Bad Debt Expense (or Uncollectible account expense) (Debit) $11,000
Allowance for Uncollectible accounts (Credit) $11,000

This is further explained below.

What is adjusting entry?

Generally, Adjusting entries are a kind of journal entry that is used in accounting and are often produced at the conclusion of an accounting period.

Their purpose is to correctly assign income and expenses to the accounting period in which they were really incurred.

In conclusion, complete the table by

Bad Debt Expense (or Uncollectible account expense) (Debit) $11,000

Allowance for Uncollectible accounts(to record bad debt expense) (Credit) $11,000