Ortiz Automotive ended December 2009 with Accounts Receivable of $20,000 and Allowance for Uncollectible Accounts of $5,900.
Question:
Ortiz Automotive ended December 2009 with Accounts Receivable of $20,000 and Allowance for Uncollectible Accounts of $5,900. During January 2010, Ortiz Automotive completed the following transactions:
Requirements 1. Prepare journal entries to record sales, collections, write-offs of uncollectibles, and uncollectible accounts expense by the percent-of-sales method.
2. Calculate the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and net Accounts Receivable at January 31. How much does Ortiz Automotive expect to collect?
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