bhenretty2458
31.03.2020 •
Business
At December 31, Gill Co. reported accounts receivable of $241,000 and an allowance for uncollectible accounts of $1,450 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:A. $6,540. B. $7,800. C. $7,140. D. $7,740.
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Ответ:
$3,370
Explanation:
Given that,
Accounts receivables at December 31 = $241,000
Allowance for uncollectible accounts = $1,450 (credit)
Allowance for uncollectible accounts should be 2% of accounts receivable.
We need to deduct the credit balance of the allowance for uncollectible accounts from the actual allowance for uncollectible accounts because it should be 2 percent of the accounts receivables.
Amount of the adjustment for uncollectible accounts:
= Allowance for uncollectible accounts should be - Credit balance under the Allowance for uncollectible accounts
= ($241,000 × 2%) - $1,450
= $4,820 - $1,450
= $3,370
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