Reference no: EM133005097
Question - The following account balances are related to the receivables of Deloitte Co, an accounting firm., at January 1, 2021. Both accounts have their normal balance.
Accounts Receivable, $8,000
Allowance for Uncollectible Accounts, $900
Transactions/events incurred during January 2021 related to Deloitte's accounts receivable are as below:
1. Jan 5: The firm provides service revenue of $85,000, all on account
2. Jan 8: Customer A went bankruptcy. Deloitte write-off $2,000 service fee that was charged to Customer A.
3. Jan 10: Customer B paid $50,000
4. Jan 20: Customer C paid $23,000
5. Jan 25: Received written notice from customer M that they will repay $1,000 service fee that they failed to pay in year 2020. Deloitte has written off this $1,000 from their accounts receivable in year 2020.
6. Jan 28: Received $1,000 cash payment from Customer M that they mentioned on Jan 25.
Deloitte estimates that 3% of its account receivable at the end of the month will be uncollectible in the following month.
Create T-accounts to record journal entries of above transactions (including adjusting entries) for January 2021.
What is the ending balance of Accounts Receivable at Jan 31, 2021?
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