Clod Corporation, which uses the allowance method, has accounts receivable of $25,400 and an allowance for uncollectible accounts of $4,900. An account receivable from Raphael Mazur of $2,200 is deemed to be uncollectible and is written off. What is the amount of net accounts receivable before and after the write-off?
Answer to relevant QuestionsOn March 21, Dane Company received a 90-day, 7 percent note in settlement of an account receivable in the amount of $30,000. Determine the following: a. Maturity dateb. Amount of interest on the notec. Maturity valueThe Accounts Receivable account of Roger Company shows a debit balance of $26,000 at the end of the year. An aging analysis of the individual accounts indicates estimated uncollectible accounts to be $1,675.Prepare a journal ...On December 31 of last year, the balance sheet of Union Company had accounts receivable of $74,500 and a credit balance in Allowance for Uncollectible Accounts of $5,075. During the current year, Union’s financial records ...On the last day of August, Murcio Company borrowed $480,000 on a bank note for 60 days at 12 percent interest. (Note: Assume that interest is stated separately.) Prepare the following journal entries: (1) August 31, ...At the end of October, the payroll register for Symphony Die Corporation contained the following totals: wages, $371,000; federal income taxes withheld, $94,884; state income taxes withheld, $15,636; social security tax ...
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