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Show the ending balances in accounts? receivable

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Reference no: EM132635792

On April ?30, 2020?, Windy Mountain Party Planners ?(WMPP?) had a $35,000 balance in Accounts Receivable and a $3,200 credit balance in Allowance for Uncollectible Accounts. During May?, WMPP made credit sales of $76,000. May collections on account were $56,000?, ?write-offs of uncollectible receivables totalled $2,100?, and an account of $900 was recovered. Bad debt expense is estimated to be $4,560.

Question 1: Journalize? sales, collections,? write-offs of? uncollectibles, recovery of accounts? receivable, and bad debt expense by the allowance method during May. Explanations are not required.

Question 2: Show the ending balances in Accounts? Receivable, Allowance for Uncollectible? Accounts, and Net Accounts Receivable at May 31. How much does WMPP expect to? collect?

Question 3: Show how WMPP will report Accounts Receivable on its May 31 balance sheet. Use the format? "Accounts Receivable, net of allowance for uncollectible accounts of ?$-?" at May ?31, 2020. Insert the value? you've calculated for the allowance.

Reference no: EM132635792

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