Sherman Peterson is an attorney in Los Angeles Peterson uses the direct write off method to account for uncollectible receivables At January 31, 2012, Petersons accounts receivable totaled $15,000 During February, he earned revenue of $18,000 on account and collected $19,000 on account He also wrot...

Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT Feb 29 Uncollectib ...

Sherman Peterson is an attorney in Los Angeles. Peterson uses the direct write-off method to account for

Question:

Sherman Peterson is an attorney in Los Angeles. Peterson uses the direct write-off method to account for uncollectible receivables.
At January 31, 2012, Peterson’s totaled $15,000. During February, he earned revenue of $18,000 on account and collected $19,000 on account. He also wrote off uncollectible receivables of $1,800 on February 29, 2012.
Requirements
1. Use the direct write-off method to journalize Peterson’s write-off of the uncollectible receivables.
2. What is Peterson’s balance of at February 29, 2012? Does Peterson expect to collect the total amount?

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...