Business, 17.03.2020 02:05, marrissajade61191

At the end of 2020, Murray State Lenders had a balance in its Allowance for Uncollectible Accounts of $4,500 (debit) before any adjustment. The company estimated its future uncollectible accounts to be $12,000 using the percentage-of-receivables method. Murray State's adjustment on December 31, 2020, to record its estimated uncollectible accounts included a: Credit to Allowance for Uncollectible Accounts of $12,000. Debit to Bad Debt Expense of $16,500. Credit to Allowance for Uncollectible Accounts of $16,500. Debit to Bad Debt Expense of $16,500; credit to Allowance for Uncollectible Accounts of $16,500.

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At the end of 2020, Murray State Lenders had a balance in its Allowance for Uncollectible Accounts o...