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Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).   Date Description Debit Credit Dec. 31                 b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.   Date Description Debit Credit Dec. 31

Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).   Date Description Debit Credit Dec. 31                 b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.   Date Description Debit Credit Dec. 31

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.7AP
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Comprehensive Problem 3
Part 4:

Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem.

Based on the following selected data, journalize the adjusting entries as of December 31 of the current year.

If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).

 

Date Description Debit Credit
Dec. 31      
       

 

b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.

 

Date Description Debit Credit
Dec. 31      
       
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