At the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $12,000 before adjustment.

 At the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Syer's gross accounts receivable is $600,000. Syer's management estimates that 10% of its accounts receivable balance will not be collected.

What journal entry should Syer record to adjust its allowance for uncollectible accounts?

 

Explanation

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