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Exercise 7-12(Algo) Percent of sales method LO P3 Warner Company's year-end unadjusted trial...

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Accounting

Exercise 7-12(Algo) Percent of sales method LO P3
Warner Company's year-end unadjusted trial balance shows accounts receivable of $107,000, allowance for doubtful accounts of $680(credit), and sales of $360,000. Uncollectibles are estimated to be 1% of sales.
Prepare the December 31 year-end adjusting entry for uncollectibles.
Journal entry worksheet
1
Record the estimate of uncollectibles.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[\table[[December],[31]],,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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