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© South-Western Educational Publishing ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS Uncollectible Accounts Expense Accounts Receivable.

Published byCharity Warner Modified over 9 years ago

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Presentation on theme: "© South-Western Educational Publishing ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS Uncollectible Accounts Expense Accounts Receivable."— Presentation transcript:

1 © South-Western Educational Publishing ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS Uncollectible Accounts Expense Accounts Receivable Allowance for Uncollectible Accounts DebitCredit Lesson 20-1, page 528

2 © South-Western Educational Publishing ESTIMATING UNCOLLECTIBLE ACCOUNTS EXPENSE   Total SalesEstimate Uncollectible on Account  Percentage=Accounts Expense $982,800.00  1%=$9,828.00 Lesson 20-1, page 529

3 © South-Western Educational Publishing ANALYZING AND JOURNALIZING AN ADJUSTMENT FOR UNCOLLECTIBLE ACCOUNTS EXPENSE 1 2 3.Record the adjusting entry. 1. Enter and label credit amount. 2.Enter and label debit amount. 33 Lesson 20-1, page 530

4 © South-Western Educational Publishing POSTING AN ADJUSTING ENTRY FOR UNCOLLECTIBLE ACCOUNTS EXPENSE 12 1. Debit 2.Credit Lesson 20-1, page 531

5 © South-Western Educational Publishing T ERMS 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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