BVC wrote off a $10,000 receivable on 12/23/XX. Record the journal entry for the write-off. BVC Supplies
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BVC wrote off a $10,000 receivable on 12/23/XX. Record the journal entry for the write-off.
BVC Supplies Inc. sells exercise equipment. BVC notes that at December 31, 20XX, it has the following aging schedule of Accounts Receivable. 20XX Sales were $3,000,000. The amount in the allowance account at 12/31/XX is a credit balance of $23,000, prior to the review.
| Total | Current | 1–30 | 31–60 | 61–90 | Over 90 |
Accounts receivable | $625,000 | 300,000 | 150,000 | 100,000 | 50,000 | 25,000 |
% uncollectible | | 1% | 5% | 10% | 20% | 50% |
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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