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ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS

Published byColin Jenkins Modified over 6 years ago

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Presentation on theme: "ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS"— Presentation transcript:

1 ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS
Uncollectible Accounts Expense Debit Credit Debit Credit Accounts Receivable Allowance for Uncollectible Accounts Lesson 20-1, page 526

2 ESTIMATING UNCOLLECTIBLE ACCOUNTS EXPENSE
Total Sales Estimate Uncollectible on Account  Percentage = Accounts Expense $982,  1% = $9,828.00 Lesson 20-1, page 527

3 ANALYZING AND JOURNALIZING AN ADJUSTMENT FOR UNCOLLECTIBLE ACCOUNTS EXPENSE
1 3 2 1. Enter and label credit amount. 2. Enter and label debit amount. 3. Record the adjusting entry. Lesson 20-1, page 528

4 POSTING AN ADJUSTING ENTRY FOR UNCOLLECTIBLE ACCOUNTS EXPENSE
1. Debit 2. Credit 1 2 Lesson 20-1, page 529

5 TERMS REVIEW uncollectible accounts
allowance method of recording losses from uncollectible accounts book value book value of accounts receivable Lesson 20-1, page 530

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