Reference no: EM132776647
On December 31, 2007, when its Allowance for Doubtful Accounts had a debit balance of $ 1,000, Ceja Co. estimated that 2% of its $450,000 of accounts receivable would become uncollectible and recorded the bad debts adjusting entry. On May 11, 2008, when Ceja Co. had an accounts receivable balance of $471,000, the company determined that Robert Worthy's $1,850 account was uncollectible and wrote it off. On June 12, 2008, Worthy paid the amount previously written off.
Problem (a) Prepare the journal entries on December 31, 2007, May 11, 2008, and June 12, 2008.
Problem (b) Post the journal entries to Allowance for Doubtful Accounts and calculate the balances.
Problem (c) Calculate the net realizable value of accounts receivable both before and after writing of Robert Worthy's account on May 11.
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