Record the adjusting entry at decemeber 312010 end of the

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Reference no: EM13567307

For a business that uses the allownace method of accounting for uncollectible receivable, journalize the entires to record the following:

1) Record the adjusting entry at Decemeber 31,2010, end of the fiscal year, to record the bad debt expense. The accounts receivable has a balance of $550,000, and the allowance for the doubtful acocunts before adjustment has a credit balance of $5,500. Analysis of the receivables indicates uncollectible reeivables of $25,000.

2) In March, 2011, $2,400 owed by Fenton Co. on account is written off as uncollectible.

3) In November, 2011, $1,800 of the Fenton Co. account is reinstated and payment of that amount is received.

Reference no: EM13567307

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