Jackson Company uses the allowance method to account for bad debts.During 20D,a customer became bankrupt and a receivable of $5,000 was deemed uncollectible.What is the entry to record the uncollectible amount?
A)Choice A
B)Choice B
C)Choice C
D)Choice D

Question

Quizplus · Accepted Answer

The entry to record the uncollectible amount is to debit Bad Debt Expense for $5,000 and credit Allowance for Bad Debts for $5,000.

Jackson Company Uses the Allowance Method to Account for Bad