Reference no: EM132796309
Question - On April 30, 2020, Ace Audio Inc had a $42,000 balance in Accounts Receivable and a $3,400 credit balance in Allowance for Uncollectible Accounts. During May, Ace Audio had credit sales of $72,000, collections on account were $60,000, write-offs of uncollectible receivables totalled $2,700, and an account of $1,500 that had previously been written off was recovered. May's bad debt expense was estimated to be $6,480.
Required -
1. Prepare journal entries for Ace Audio's May sales, collections, write-offs of uncollectibles, recovery of accounts receivable, and bad debt expense. Explanations are not required. (Record debits first, then credits).
2. Using the information above, how much does Ace Audio expect to collect as a result of the May activities and estimates?
3. Prepare the May 31, 2020 balance sheet representation of Account Receivable, showing net Accounts Receivable amount and the net of allowance for uncollectible amount.
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