Reference no: EM133121694
Question - The following information is available about Martinez Group:
1. The balance of Accounts Receivable at the BEGINNING of the year was $50,000
2. Total Sales were $300,000, of which $100,000 were made on account
3. The balance in the Allowance for Doubtful Accounts at the BEGINNING of the year was a CREDIT of $15,000
4. Accounts of $20,000 were written off as uncollectible during the year
5. Over the year, Martinez Group collected $105,000 in cash from customers for sales previously made on account
Required -
1. What is the balance of Accounts Receivable at the END of the year?
2. Assume Martinez Group uses the Percent of Receivables Method. Based on prior experience, Martinez Group estimates that 7% of receivables will ultimately prove to be uncollectible. Record the adjusting entry for Bad Debt Expense at the end of the year. What is the value of Net Accounts Receivable at the end of the year?
3. Assume Martinez Group uses the Percent of Credit Sales Method. Based on prior experience, Martinez Group estimates that 10% of credit sales will ultimately prove to be uncollectible. Record the adjusting entry for Bad Debt Expense at the end of the year. What is the ending balance in the Allowance for Doubtful Accounts? What is the value of Net Accounts Receivable at the end of the year?
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