he expect to collect the fullamount?

1. Does or Does not
2. choose between 4 answers

Shawn Silver is a lawyer in Calgary. He uses the direct write-off method to account for uncollectible receivables because he rarely has delinquent accounts. At July 31, Silver's accounts receivable totalled $38,000. During August, he earned revenue of $46,000 on account and collected $36,000 on account. He also wrote off uncollectible receivables of $6,9 1. Use the direct write-off method to journalize Silver's write-off of the uncollectible receivables. 2. What is Silver's balance of Accounts Receivable at August 31? Does he expect to collect the full amount? Explain. Journal Entry Date Accounts Debit Credit Aug. 12 Bad Debt Expense 6,900 Accounts Receivable 6,900 2. What is Silver's balance of Accounts Receivable at August 31? Does he expect to collect the full amount? Explain. Calculate the balance of Accounts Receivable at August 31. Balance, July 31 $ 38,000 Add: August revenue earned on account 46,000 Less: Collections on account (36,000) he will probably fail to collect from some clients Write-offs (6,900) he doesn't do work for them anymore Balance, August 31 $ 41,100 he rarely has delinquent accounts and has not set up an allowance for doubtful accounts Does Silver expect to collect the balance of Accounts Receivable? Explain. clients no longer owe the money Silver does not expect to collect the balance of accounts receivable because he will probably fail to collect from some clients