Reference no: EM132636200
Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales.
During 2018, its first year of operations, Joey's Bike Shop experienced the following:
Sales on account $250,900
Cash sales $678,200
Collections of accounts receivable $238,355
Uncollectible accounts charged off during the year $1,166
Required
Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions:
Question 1: What is the Accounts Receivable balance at December 31, 2018?
Question 2: What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries are posted?
Question 3: What is the amount of uncollectible accounts expense for 2018?
Question 4: What is the net realizable value of accounts receivable at December 31, 2018?
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