The following information is available for Quality Book Sales sales on account and accounts receivable.
Accounts receivable balance, January Year $ Allowance for doubtful accounts, January Year Sales on account, Year Collection on accounts receivable, Year
After several collection attempts, Quality Book Sales wrote off $ of accounts that could not be collected. Quality Book Sales estimates that percent of the ending accounts receivable balance will be uncollectible.
Required
Compute the following amounts:
Using the allowance method, the amount of uncollectible accounts expense for Year
Net realizable value of receivables at the end of Year
Record the general journal entries to:
Record sales on account for Year
Record cash collections from accounts receivable for Year
Write off the accounts that are not collectible.
Record the estimated uncollectible accounts expense for Year Compute the following amounts:
Using the allowance method, the amount of uncollectible accounts expense for Year
Net realizable value of receivables at the end of Year
Amount of uncollectible accountsNet realizable value
