Reference no: EM133071008
Question - At the beginning of the year (i.e., January 1), Musicland, Inc. had a $44,000 balance in Accounts Receivable and a $2,200 credit balance in Allowance for Doubtful Accounts. During the year,Musicland made credit sales with a total of $451,000, and received returns from the credit sales of $51,000. In addition, Musiclandcollected cash of $392,000, and wrote off uncollectible receivables of $2,000.
A) If Musicland reported accounts receivable of $50,000 at the end of the year. If Musicland chooses to use the percentage of sales method to account for its uncollectible receivables and estimates 0.6% of its net credit sales to be uncollectible, how much will be Musicland's (1) Bad Debt Expense for the year; (2) Allowance for Doubtful Accounts, (3) Net Accounts Receivable at the end of the year (i.e., December 31)?
B) If Musicland chooses to use the percentage of accounts receivable method and estimates that 5% of its gross receivables are estimated to be uncollectible, how much will be Musicland's (1) Bad Debt Expense for the year; (2) Allowance for Doubtful Accounts, (3) Net Accounts Receivable at the end of the year (i.e., December 31)?
C) If Musicland chooses to use the aging method to account for its uncollectible receivables and estimates $2,270 to be uncollectible , how much will be Musicland's (1) Bad Debt Expense for the year; (2) Allowance for Doubtful Accounts, (3) Net Accounts Receivable at the end of the year (i.e., December 31)?
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