JD Industries wrote off the following accounts receivable as uncollectible for the year ended December 31, 2015:

Question:

JD Industries wrote off the following as uncollectible for the year ended December 31, 2015:
Customer Amount
Eva French .......... $ 1,500
Lance Landau ......... 11,200
Marcie Moffet ......... 3,800
Jose Rennie .......... 3,500
Total ............$20,000
The company prepared the following for its on December 31, 2015:

JD Industries wrote off the following accounts receivable as uncollectible

a. Journalize the write-offs and the year-end adjusting entry for 2015 under the allowance method, assuming that the allowance account had a beginning balance of $17,000 on January 1, 2015, and the company uses the aging of receivables method.
b. Determine the net realizable value of accounts receivable as at December 31, 2015.

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... Aging Schedule
Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...