Problem on the Provision for Uncollectible Accounts The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as December 31, 20A showed in part the Accounts Receivable and its...

ADJUSTING ENTRIES.

PROBLEM ON THE PROVISION FOR UNCOLLECTIBLE ACCOUNTS

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Extracted text: Problem on the Provision for Uncollectible Accounts The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as December 31, 20A showed in part the Accounts Receivable and its related Estimated Uncollectible Accounts: Debit Credit Accounts Receivable Estimated Uncollectible Account P 300,000 4,000 1. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of its outstanding receivable, what would the amount of adjustment be? 2. What is the required adjusting entry on December 31, 20A? 3. What is the Estimated Realizable Value of the Accounts Receivable as of December 31, 20A? 4. If the Estimated outstanding receivable account, what should be the adjusting entry needed? 5 If the Estimated Uncollectible Account should be "increased to" 2% - of the outstanding receivable account, what should be the adjusting entry needed? Uncollectible Account should be "increased by" 2% of the