February 24, 2017

Homework Help: Accounting

Posted by stuckinmath on Thursday, July 24, 2008 at 7:07pm.

On Dec 31, 2007, before adjusting entries, the blances of selected accounts for the company were as follows:

Accounts receivable 840,000
Allowance for uncollectable accounts (debit balance) 2,000 dr.

The company has determined that historically about 2.0 percent of accounts receivable are never collected and uses this bases to determine it's bad debts provivion. Give the journal entry to record the companies estimated loss from uncollectible accounts on Dec 31.

I am totally lost. Could someone please help me out??

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