CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-4 Planning and Recording an Allowance for Uncollectible Accounts Adjustment  Allowance.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-4 Planning and Recording an Allowance for Uncollectible Accounts Adjustment  Allowance method of recording losses from uncollectible accounts  Estimating uncollectible accounts expense  Analyzing and recording depreciation expense adjustments

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Understanding the Accounting Cycle for a Merchandising Business 2 LESSON 14-4 Objectives: 65 Generate trial balance and end of period adjustments for a merchandising business 71 Summarize the progression from source documents to journals to ledgers to financial reports for a merchandising business

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 14-4 ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS page 419

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 14-4 Estimated Uncollectible Accounts Expense =Percentage× Total Sales on Account $1,245.00=1%×$124, ESTIMATING UNCOLLECTIBLE ACCOUNTS EXPENSE page 420

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON Enter the estimated uncollectible amount. ANALYZING AND RECORDING AN ADJUSTMENT FOR UNCOLLECTIBLE ACCOUNTS EXPENSE 3.Label the two parts with a small letter e in parentheses page Enter the same amount in the Adjustments Debit column.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 14-4 TERMS REVIEW uncollectible accounts allowance method of recording losses from uncollectible accounts book value book value of accounts receivable page 422