The following transactions apply to expert consulting

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Reference no: EM131026010

The following transactions apply to Expert Consulting for 2014, the first year of operation:

1. Recognized $70,000 of service revenue earned on account.
2. Collected $62,000 from accounts receivable.
3. Adjusted accounts to recognize uncollectible accounts expense.

Expert uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Expert Consulting for 2015:

1. Recognized $84,000 of service revenue on account.
2. Collected $70,000 from accounts receivable.
3. Determined that $1,100 of the accounts receivable were uncollectible and wrote them off.
4. Collected $200 of an account that had been previously written off.
5. Paid $51,200 cash for operating expenses.
6. Adjusted accounts to recognize uncollectible accounts expense for 2015. Expert estimates that uncollectible accounts expense will be 1 percent of sales on account.

Reference no: EM131026010

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