Prepare Adjusting Journal Entries for the Following Independent Situations

question 30

Essay

Prepare adjusting journal entries for the following independent situations.
a. The Allowance for Uncollectible Accounts has a $700 credit balance prior to adjustment. Net credit sales during the year are $425,000 and 4% are estimated to be uncollectible.
b. The Allowance for Uncollectible Accounts has a $400 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, $11,800 of accounts receivable are estimated to be uncollectible.
c. The Allowance for Uncollectible Accounts has a $900 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, $14,500 of accounts receivable are estimated to be uncollectible.
d. The Allowance for Uncollectible Accounts has a $300 debit balance prior to adjustment. Net credit sales during the year are $550,000 and 3% are estimated to be uncollectible.

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Definitions:

Cognitive-intellectual Development

The progression of thinking, problem-solving, and learning abilities from childhood through adulthood.

Elderly Patients

Individuals of an older age, often over the age of 65, who may require special considerations in medical treatment due to age-related health concerns.

Short-term Memory

The capacity for holding a small amount of information in an active, readily available state for a short period of time.

Visual Impairment

A condition that involves significant loss of vision that cannot be fully corrected with glasses or contact lenses.