Kendo Company has a December 31 year-end. The following information relates to the year just ended: Sales for the year $
Posted: Sun Jul 03, 2022 1:01 pm
Kendo Company has a December 31 year-end. The followinginformation relates to the year just ended:
Sales for the year $35,250 (of which 20% were cash sales)Accounts Receivable January 1 were $15,000 and increased 50% byDecember 31 Allowance for Doubtful Accounts January 1 $4,563
Kendo sets its provision for uncollectible accounts receivableat 2% of credit sales.
Questions
Required 1: Assuming no other transaction happened, what is theUncollectible Accounts Expense reported on Decmber 31st?$
Required 2: Assuming no other transaction happened, what is theadjusted net balance of Accounts Receivables at December 31st?$
Required 3: Assuming no other transaction happened, what is theadjusted balance of Allowance for Doubtful Accounts at December31st? $
Sales for the year $35,250 (of which 20% were cash sales)Accounts Receivable January 1 were $15,000 and increased 50% byDecember 31 Allowance for Doubtful Accounts January 1 $4,563
Kendo sets its provision for uncollectible accounts receivableat 2% of credit sales.
Questions
Required 1: Assuming no other transaction happened, what is theUncollectible Accounts Expense reported on Decmber 31st?$
Required 2: Assuming no other transaction happened, what is theadjusted net balance of Accounts Receivables at December 31st?$
Required 3: Assuming no other transaction happened, what is theadjusted balance of Allowance for Doubtful Accounts at December31st? $