On January 15, 20XY, BVC collected cash for a $10,000 receivable previously written off. Record the appropriate
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On January 15, 20XY, BVC collected cash for a $10,000 receivable previously written off. Record the appropriate entries.
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% |
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Related Book For 
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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