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Prepare a T-account for Allowance for Uncollectible Accounts

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Reference no: EM133012489

Gagnon and Durnham, a law firm, started 2020 with accounts receivable of $69,000 and an allowance for uncollectible accounts of $5,400.

The 2020 service revenue on account was $431,000, and cash collections on account totalled $412,000. During 2020, Gagnon and Durnham wrote off uncollectible accounts receivable of $7,800. At December 31, 2020, the? aging-of-receivables method indicated that Gagnon and Durnham will not collect $10,100 of its accounts receivable.

Problem 1: Journalize Gagnon and Durnham's (a) service revenue, (b) cash collections on account, (c) write-offs of uncollectible receivables, and (d) bad debt expense for the year. Explanations are not required. Prepare a T-account for Allowance for Uncollectible Accounts to show your computation of bad debt expense for the year.

 

Reference no: EM133012489

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