Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the | month of December: Credit sales $900,000 Accounts payable 38,500 Accounts receivable 55,400 Allowance for Uncollectible accounts 400 credit Cash sales 300,000 RC uses the percent of receivables method and estimates it will not collect 5% of accounts receivable. 8. $ Determine the ending balance for the Allowance for Uncollectible Accounts 9. $ Determine the appropriate amount to record for Bad Debt expense _Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the amount to record for Bad Debt expense 10. 11. $ After recording bad debt expense, the Net Accounts Receivable is:
Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the | month of December: Credit sales $900,000 Accounts payable 38,500 Accounts receivable 55,400 Allowance for Uncollectible accounts 400 credit Cash sales 300,000 RC uses the percent of receivables method and estimates it will not collect 5% of accounts receivable. 8. $ Determine the ending balance for the Allowance for Uncollectible Accounts 9. $ Determine the appropriate amount to record for Bad Debt expense _Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the amount to record for Bad Debt expense 10. 11. $ After recording bad debt expense, the Net Accounts Receivable is:
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 9SPA: UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the...
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