The general ledger account for accounts receivable shows a

Reference no: EM13601239

The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000. In the past, 3 percent of net sales have proved uncollectible. An aging of accounts receivable accounts results in an estimate of $9,000 of uncollectible accounts receivable.Calculate Uncollectible Accounts Expense and (2) the ending balance of the Allowance for Uncollectible Accounts using the percentage of net sales method and the accounts receivable aging method.

Reference no: EM13601239

Questions Cloud

Moran company reports the following operating results for : moran company reports the following operating results for the month of august sales 350000 units 5000 variable costs

Present value of bonds payable premium mason co issued : present value of bonds payable premium mason co. issued 870000 of four-year 13 bonds with interest payable semiannually

How should the auditor proceed to determine whether : how should the auditor proceed to determine whether accounts receiable and sales returns and allowances contains a

Quick sale real estate company is planning to invest in a : quick sale real estate company is planning to invest in a new development. the cost of the project will be 23 million

The general ledger account for accounts receivable shows a : the general ledger account for accounts receivable shows a debit balance of 40000. the allowance for uncollectible

Cortez art gallery is adding to its existing buildings at a : cortez art gallery is adding to its existing buildings at a cost of 2 million. the gallery expects to bring in

On january 1 2010 irik corporation issued 1830700 face : on january 1 2010 irik corporation issued 1830700 face value 7 10-year bonds at 1707852. this price resulted in an

What factors would you consider in deciding which : cost allocation and decision making. geenbold manufacturing has four divisions named after its locations arizona

Possible to deviate from gaap and the accounting cycle and : possible to deviate from gaap and the accounting cycle and still prepare financial statements because the standard

User Account

All Pages