Answer:
The entry for Allowance for Uncollectible accounts is entered in the journal under the debit account field
Adjusted entry for accounts receivable = $18040
Explanation:
Accounts receivable is recorded as = $20500
estimated percentage of accounts not collected ( bad debits ) = 12%
which is = 12% * 20500 = $2460
Allowance for Uncollectible Accounts = $2640. Under the field of general journal the bad debits is entered there
adjusted amount for accounts receivable to be entered in the journal will be= $20500 -$ 2640 = $18040
Accounts receivables are money owed a business by its customers or debtors and they can be legally claimed by the company from its debtors/customers. it is usually accrued from services rendered or goods sold to its customers
The adjustment that Mayberry Advertising would record for the Allowance for Uncollectible Accounts is done under debit account field as Adjusted entry for accounts receivable for the sum of $18,040.
Given Information
Record of Accounts receivable = $20,500
% of accounts not collected (bad debits) = 12%
Allowance for Uncollectible Accounts = 12% * $20500
Allowance for Uncollectible Accounts = $2,460
Adjusted amount for accounts receivable = $20500 - $2640
Adjusted amount for accounts receivable = $18,040
Hence, the adjustment that Mayberry Advertising would record for the Allowance for Uncollectible Accounts is done under debit account field as Adjusted entry for accounts receivable for the sum of $18,040.
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