ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS - PowerPoint PPT Presentation

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ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS

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ANALYZING AND JOURNALIZING AN ADJUSTMENT FOR UNCOLLECTIBLE ACCOUNTS EXPENSE. 1. 2 ... Less: Allowance for Uncollectible Accounts $ 100,000 ... – PowerPoint PPT presentation

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Title: ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS


1
ALLOWANCE METHOD OF RECORDING LOSSES FROM
UNCOLLECTIBLE ACCOUNTS
Lesson 20-1, page 528
2
ESTIMATING UNCOLLECTIBLE ACCOUNTS EXPENSE
982,800.00 ? 1 9,828.00
Lesson 20-1, page 529
3
ANALYZING AND JOURNALIZING AN ADJUSTMENT FOR
UNCOLLECTIBLE ACCOUNTS EXPENSE
1
2
1. Enter and label credit amount.
2. Enter and label debit amount.
3. Record the adjusting entry.
Lesson 20-1, page 530
4
Book Value
Assets Accounts Receivable 1,000,000 Less
Allowance for Uncollectible Accounts
100,000

--------------- Book Value of Accounts Receivable
900,000
5
POSTING AN ADJUSTING ENTRY FOR UNCOLLECTIBLE
ACCOUNTS EXPENSE
1. Debit
2. Credit
Lesson 20-1, page 531
6
TERMS REVIEW
uncollectible accounts allowance method of
recording losses from uncollectible accounts book
value book value of accounts receivable
Lesson 20-1, page 532
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