Journalize springs entry to adjust the allowance account to

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Reference no: EM13570091

Spring Garden Flowers had the following balances at December 31, 2011, before the year-end adjustments:

accounts receivable allowance for uncollectible accounts

77,000 1, 700

The aging of accounts receivable yields the following data: Requirements

Age of accounts receivable

0-60 Days Over 60 Days Total Receivables

accounts receivable $71, 000 $6, 000 $77,000

percent uncollectible x1% x 20 %

1. Journalize Spring's entry to adjust the allowance account to its correct balance at December 31, 2011.

2. Prepare a T-account to compute the ending balance of Allowance for uncollectible accounts.

Reference no: EM13570091

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