Andler Inc. estimates that an allowance of $4,000 is required on its accounts receivable balance of...

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Andler Inc. estimates that an allowance of $4,000 is required on its accounts receivable balance of $80,000 as of December 31 of Year 1. Required a. What is the net amount expected to be collected on its accounts receivable as of December 31 of Year 1? $ 0 b. On February 1 of Year 2, the company determined that $1,000 of specific accounts receivable would be written off. 1. Prepare the journal entry required to write off these accounts. Date Feb. 1 Account Name To write off accounts. Dr. Cr. 0 0 0 0 2. What is the net amount expected to be collected on its accounts receivable after the write-off? $ 0 c. On February 15 of Year 2, the company unexpectedly collected $250 of the accounts written off on February 1 of Year 2. 1. Prepare the journal entries required upon collection of these accounts. Date Feb. 15 Account Name Dr. Cr. 0 0 0 0 To reverse the write off. Feb. 15 0 0 0 0 To collect account. 2. What is the net amount expected to be collected on its accounts receivable after the collection? $75,750 Andler Inc. estimates that an allowance of $4,000 is required on its accounts receivable balance of $80,000 as of December 31 of Year 1. Required a. What is the net amount expected to be collected on its accounts receivable as of December 31 of Year 1? $ 0 b. On February 1 of Year 2, the company determined that $1,000 of specific accounts receivable would be written off. 1. Prepare the journal entry required to write off these accounts. Date Feb. 1 Account Name To write off accounts. Dr. Cr. 0 0 0 0 2. What is the net amount expected to be collected on its accounts receivable after the write-off? $ 0 c. On February 15 of Year 2, the company unexpectedly collected $250 of the accounts written off on February 1 of Year 2. 1. Prepare the journal entries required upon collection of these accounts. Date Feb. 15 Account Name Dr. Cr. 0 0 0 0 To reverse the write off. Feb. 15 0 0 0 0 To collect account. 2. What is the net amount expected to be collected on its accounts receivable after the collection? $75,750

Answer rating: 100% (QA)

a Amount expected to be collected can be computed as Gross receivables All... View the full answer