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4.3 Work Sheet

4.3 Work Sheet. Uncollectable Accounts Expense Adjustment Uncollectable accounts Expense –NB = Dr. –% of sales on account Allow. For Uncoll. Accts. –Contra

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Page 1: 4.3 Work Sheet. Uncollectable Accounts Expense Adjustment Uncollectable accounts Expense –NB = Dr. –% of sales on account Allow. For Uncoll. Accts. –Contra

4.3

Work Sheet

Page 2: 4.3 Work Sheet. Uncollectable Accounts Expense Adjustment Uncollectable accounts Expense –NB = Dr. –% of sales on account Allow. For Uncoll. Accts. –Contra

Uncollectable Accounts Expense Adjustment

• Uncollectable accounts Expense– NB = Dr. – % of sales on account

• Allow. For Uncoll. Accts. – Contra asset account for A/R– Normal balance = Cr. – A/R is NOT decreased for Uncollectable AccountsAdjustment Dr. Uncoll. Accts. Exp. Cr. Allow For Uncoll. Accts.

• Why do we have to journalize uncollectable accounts before they are determined to be uncollectable?

• Matching Expenses with Revenue

Page 3: 4.3 Work Sheet. Uncollectable Accounts Expense Adjustment Uncollectable accounts Expense –NB = Dr. –% of sales on account Allow. For Uncoll. Accts. –Contra

Depreciation Expense Adjustment• Plant assets decrease in value, which is considered

an expense to the business• Accumulated Depreciation—Office Equipment

– Office Equipment is not decreased because of depreciation, only when it is sold.

– Contra asset account to Office Equipment– NB = Cr.

• Depreciation Expense-Office Equipment– NB = Dr. Adjustment Dr. Depreciation Expense-Office EquipmentCr. Accumulated Depreciation—Office Equipment

Why do we have to journalize depreciation? How does a corporation benefit from recording this expense?

Page 4: 4.3 Work Sheet. Uncollectable Accounts Expense Adjustment Uncollectable accounts Expense –NB = Dr. –% of sales on account Allow. For Uncoll. Accts. –Contra

Federal Income Tax Ajustment• Corporations pay federal income taxes

quarterly (based on an estimate)• Once year is over, they calculate actual

federal income tax owed and pay the difference.

• Adjustment: – Dr. Federal Income Tax Expense– Cr. Federal Income Tax Payable

Could this Adjustment be reversed?


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