Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December the company's fiscal yearend. The balance sheet disclosed the following:
Current assets:
Receivables, net of allowance for uncollectible accounts of $ $
During credit sales were $ cash collections from customers $ and $ in accounts receivable were written off. In addition, $ was collected from a customer whose account was written off in An aging of accounts receivable at December reveals the following:
tableAge Group,tablePercentage of YearEndReceivables in GrouptablePercentUncollectible days,
