Reference no: EM132518285
BVC Supplies Inc. sells exercise equipment. BVC notes that at December 31, 20XX, it has the following aging schedule of Accounts Receivable. 20XX Sales were $3,000,000. The amount in the allowance account at 12/31/XX is a credit balance of $23,000, prior to the review.
Total Current 1-30 31-60 61-90 Over 90
Accounts Receivable $625,000 300,000 150,000 100,000 50,000 25,000
% Collectible 1% 5% 10% 20% 50%
Questions:
Question A. Net receivables using again method (after adjustment): ______________________
Question B. Bad debt expense to be recorded using aging method: ______________________
Question C. What would the bad debt expense be using the sales method instead of aging method, if the expected uncollectible rate was 2.0%
Question D. Net receivables using the sales method (after adjustment):
Question E. BVC wrote off a $100,000 receivable on 12/23/XX. Record the journal entry for the write-off.
Question F. On January 15, 20XX, BVC collected cash for a $15,000 receivable previously written off. Record the appropriate entries
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