Reference no: EM133012480
On June 30, 2020, Purple Mountain Party Planners (PMPP) had a $42,000 balance in Accounts Receivable and a $2,900credit balance in Allowance for Uncollectible Accounts. During July, PMPP made credit sales of $78,000. July collections on account were $59,000, write-offs of uncollectible receivables totalled $1,900, and an account of $700 was recovered. Bad debt expense is estimated to be $7,800.
Requirements
Problem 1. Journalize sales, collections, write-offs of uncollectibles, recovery of accounts receivable, and bad debt expense by the allowance method during July. Explanations are not required.
Problem 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at July 31. How much does PMPP expect to collect?
Problem 3. Show how PMPP will report Accounts Receivable on its July 31 balance sheet. Use the format? "Accounts Receivable, net of allowance for uncollectible accounts of $-" at July ?31, 2020.
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