Accounts Receivable
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Free InquiryThe general ledger controlling account for Accounts Receivable has a balance of €120,500 at year-end before adjustment. The company uses the balance sheet approach to estimate uncollectible accounts. By aging the individual customers’ accounts, it was determined that the doubtful accounts amounted to €5,020.
Prepare the year-end adjusting entry for uncollectible accounts under each of the following independent assumptions: (a) Allowance for Doubtful Accounts has a credit balance of €2,850.
(b) Allowance for Doubtful Accounts has a debit balance of €925.
General Journal Date Account Titles and Explanation Debit Credit
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