Outlaw Bike Co. has determined that the proper balance for the Allowance for Dou

Question

Outlaw Bike Co. has determined that the proper balance for the Allowance for Doubtful Accounts at December 31 is $63,410. Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $5,140 as of December 31.

Journalize the adjusting entry for uncollectible accounts as of December 31. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSOutlaw Bike Co.General Ledger

Interest Expense

Journalize the adjusting entry for uncollectible accounts as of December 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

1

2

ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment

Explanation / Answer

Journalize the adjusting entry for uncollectible accounts as of December 31. Refer to the Chart of Accounts for exact wording of account titles.

Date Desription Post ref Debit credit Assets Liabilities Equity 1 Dec 31 Bad debt expense 538 68550 -68550 2 Allowance for doubtful accounts 129 68550 -68550

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.