Question

At December 31, 2014, before any year-end adjustments, the Accounts Receivable balance of Wynn Electronics is $360,000. The Allowance for Doubtful Accounts has a $22,500 credit balance. Wynn Electronics prepares the following aging schedule for Accounts Receivable:


Requirements
1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low?
2. Make the entry required by the aging schedule. Prepare a T-account for the allowance.
3. Show how Wynn Electronics will report Accounts Receivable on its December 31 balancesheet.


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  • CreatedJuly 25, 2014
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