Sales -R-Us beginning January 1, 2018 general ledger shows an allowance for uncollectible accounts balance of...

 

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Sales -R-Us beginning January 1, 2018 general ledger shows an allowance for uncollectible accounts balance of $25,000 credit balance. The December 31, 2018 trial balance before adjustments reports gross accounts receivable of $1,000,000 and allowance for uncollectible accounts of $5,000 credit. Be sure to use the proper format for all JEs (Journal Entries ). 1. Assuming a write off was the only transaction during the period that affected uncollectible accounts provide the journal entry for accounts written off during the period Good journal entry format is required 2. Using the aging method the company estimates that 2.3% of total accounts receivable will be uncollectible at year end. Fill in the Allowance for Uncollectible Accounts t- account for the entire year to determine the bad debt expense Then provide the adjusting journal entry to incur the bad debt expense for the period. Allowance For Uncollectible Accounts 3. At December 31. how much (in total) is owed to Sales -R-Us by customers ? What do they expect to receive (the "net realizable value ") from customers ? Sales -R-Us beginning January 1, 2018 general ledger shows an allowance for uncollectible accounts balance of $25,000 credit balance. The December 31, 2018 trial balance before adjustments reports gross accounts receivable of $1,000,000 and allowance for uncollectible accounts of $5,000 credit. Be sure to use the proper format for all JEs (Journal Entries ). 1. Assuming a write off was the only transaction during the period that affected uncollectible accounts provide the journal entry for accounts written off during the period Good journal entry format is required 2. Using the aging method the company estimates that 2.3% of total accounts receivable will be uncollectible at year end. Fill in the Allowance for Uncollectible Accounts t- account for the entire year to determine the bad debt expense Then provide the adjusting journal entry to incur the bad debt expense for the period. Allowance For Uncollectible Accounts 3. At December 31. how much (in total) is owed to Sales -R-Us by customers ? What do they expect to receive (the "net realizable value ") from customers ?

Answer rating: 100% (QA)

1 Writeoff Transaction Assuming that the only transaction affecting uncollectible accounts during the period was a writeoff heres the journal entry fo... View the full answer