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الموضوع: Allowance for Uncollectible Accounts Illustrative Entries

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    Allowance for Uncollectible Accounts Illustrative Entries

    Establish Allowance


    12-31-X5 Uncollectible Accounts Expense
    75,000
    Allow. for Uncollectible Accounts
    75,000
    To add 3% of sales to the allowance account ($2,500,000 X 3% = $75,000)
    Write-off Account
    3-15-X3 Allow. for Uncollectible Accounts
    1,000
    Accounts Receivable
    1,000
    To write-off of an uncollectible account

    PRINCIPLESOFACCOUNTING.COM
    Asset Sales
    Illustrative Entry

    06-30-X3 Accumulated Depreciation
    75,000
    Loss
    15,000
    Cash
    10,000
    Equipment
    100,000
    Sold equipment costing $100,000 for $10,000. The equipment was 75% depreciated on the date of sale.



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