Antonio Galvan, an attorney, uses the allowance method to account for uncollectible receivables. On August 31, Galvans

Question:

Antonio Galvan, an attorney, uses the allowance method to account for uncollectible receivables. On August 31, Galvan’s accounts receivable were $8,000. During September, he earned service revenue of $20,000 on account and collected $22,000 from clients on account. He also wrote off uncollectible receivables of $2,000. What is Galvan’s balance of Accounts Receivable on September 30? Does he expect to collect this entire amount? Why or why not?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...