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How to get net income and net realizable accounts receivable

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Reference no: EM133077185

Question - The Solo Company was started on January 1, 2007. The following events occurred during 2007 and 2008.

2007

1. Provided $4,000 of services on account.

2. Collected $3,000 cash from accounts receivable.

3. Estimated uncollectible accounts expense to be 1.5 percent of 2007 credit sales.

2008

1. Wrote off $40 of accounts receivable that were deemed uncollectible.

2. Provided $6,500 of services on account.

3. Collected $5,400 cash from accounts receivable.

4. Estimated uncollectible accounts expense to be 1 percent of 2008 credit sales.

Required - How to get net income and net realizable accounts receivables in 2008 using the allowance method?

Reference no: EM133077185

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