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What is the net realizable value of the accounts receivable

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Reference no: EM132802117

Problem - Below are the sub-ledger accounts receivable for Emilio Company:

Anthony $7,200

Malaya 9,700

Mekhi 18,200

Omari 37,000

Kaytana 900

Total $73,000

There is no balance in the Allowance for Doubtful accounts.

Required -

a. Prepare the appropriate journal entries given the following transactions:

i. the controller would like you the write off the following accounts as uncollectible:

Anthony 7,200

Mekhi 18,200

Kaytana 900

ii. Received payment from Malaya for $2,600.

iii. Collected $7,200 from the Anthony account.

iv. Write off the balance in the Malaya account.

v. Collected $18,000 from Mekhi, the remainder will not be collectible.

vi. The controller estimates that 2% of the total accounts receivable balance will be uncollectible.

b. What is the net realizable value of the accounts receivable after all adjustments?

Reference no: EM132802117

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