please , i need this Answered Asap:) A business has the following balances at the beginning of the year: Accounts receiv
Posted: Wed Jul 06, 2022 6:26 am
please , i need this Answered Asap:)
A business has the following balances at the beginning of theyear:Accounts receivable: 235000Allowance for doubtful accounts: -15250The following summary transactions occurred during the year.Sales for the year, 100% on credit: 450000Cash collected on accounts receivable for the year: 445200Write-offs of uncollectable accounts receivable : 28200Received a cheque from a customer whose account was previouslywritten off: 2820The overall rate used to estimate the allowance for doubtfulaccounts at year end: 8%
Using the information above, answer the following questions.Enter the digits only - no dollar signs, commas, or decimal points.IMPORTANT - enter your answer to the second question (the balancein the allowance) as a NEGATIVE number, with a minus sign (-) infront of the digits.
1 . What is the balance in the accounts receivable accountat year end?
2. What is the balance in the allowance for doubtfulaccounts at year end?
3. What is the balance in the bad debt expense account atyear end?
A business has the following balances at the beginning of theyear:Accounts receivable: 235000Allowance for doubtful accounts: -15250The following summary transactions occurred during the year.Sales for the year, 100% on credit: 450000Cash collected on accounts receivable for the year: 445200Write-offs of uncollectable accounts receivable : 28200Received a cheque from a customer whose account was previouslywritten off: 2820The overall rate used to estimate the allowance for doubtfulaccounts at year end: 8%
Using the information above, answer the following questions.Enter the digits only - no dollar signs, commas, or decimal points.IMPORTANT - enter your answer to the second question (the balancein the allowance) as a NEGATIVE number, with a minus sign (-) infront of the digits.
1 . What is the balance in the accounts receivable accountat year end?
2. What is the balance in the allowance for doubtfulaccounts at year end?
3. What is the balance in the bad debt expense account atyear end?