Using the data in Exercise 8-10, assume that the allowance for doubtful accounts for Fontaine Bikes Co.

Question:

Using the data in Exercise 8-10, assume that the allowance for doubtful accounts for Fontaine Bikes Co. had a debit balance of $3,000 as at December 31, 2015.
a. Journalize the adjusting entry for uncollectible accounts as at December 31, 2015.
b. Determine the net realizable value of 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...