What is the adjusted balance of Accounts Receivable on December 31, 2014?

2. What is the adjusted balance of Allowance for Uncollectible accounts on December 31, 2014?

3. What is the adjusted amount of 2014 Uncollectible accounts expense?

 

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Presented below are unaudited balances of selected accounts of Aegon Company as of December 31, 2014: Selected Accounts Cash Accounts Receivable Allowance for uncollectible accounts Net Sales Unaudited Balances, 12.31.14 Debit Credit 500,000 1,300,000 8,000 6750,000 Additional information are as follows: Goods amounting to 50,000 were invoiced for the accounts of Sansa Store & Co., recorded on January 2, 2015 with terms of net, 60 days, FOB shipping point. The goods were shipped to Sansa Store on December 30, 2014. The bank returns on December 29, 2014, a customer's check for 5,000 marked "No Sufficient Funds", but no entry was made. Aegon estimates that allowance for uncollectible accounts should be one and one-half percent (1 ½%) of the accounts receivable balance as of year-end. No uncollectible accounts expense has yet been provided for 2014. Presented below are unaudited balances of selected accounts of Aegon Company as of December 31, 2014: Selected Accounts Cash Accounts Receivable Allowance for uncollectible accounts Net Sales Unaudited Balances, 12.31.14 Debit Credit 500,000 1,300,000 8,000 6750,000 Additional information are as follows: Goods amounting to 50,000 were invoiced for the accounts of Sansa Store & Co., recorded on January 2, 2015 with terms of net, 60 days, FOB shipping point. The goods were shipped to Sansa Store on December 30, 2014. The bank returns on December 29, 2014, a customer's check for 5,000 marked "No Sufficient Funds", but no entry was made. Aegon estimates that allowance for uncollectible accounts should be one and one-half percent (1 ½%) of the accounts receivable balance as of year-end. No uncollectible accounts expense has yet been provided for 2014.

Answer rating: 100% (QA)

Adjusted Balance of Accounts Receivable on December 31 2014 Accounts Receivable balance as of Decemb... View the full answer