The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable -600,000 Allowance for doubtful accounts-25,000 Assuming on December 31,2019, the company determined that 2% of sales is uncollectible. Question 1. What js the adjusting entry to recognize this? Question 2. What is the balance of the allowance for doubtful accounts after effecting the adjustment? Question 3. What is the net realizable balance of the Accounts Receivable?
The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable -600,000 Allowance for doubtful accounts-25,000 Assuming on December 31,2019, the company determined that 2% of sales is uncollectible. Question 1. What js the adjusting entry to recognize this? Question 2. What is the balance of the allowance for doubtful accounts after effecting the adjustment? Question 3. What is the net realizable balance of the Accounts Receivable?
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 10SPA: AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Johnson Company as of December...
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Question
The balances on December 31 before any adjustments :
Sales - 5,000,000
Accounts receivable -600,000
Allowance for doubtful accounts-25,000
Assuming on December 31,2019, the company determined that 2% of sales is uncollectible.
Question 1. What js the
Question 2. What is the balance of the allowance for doubtful accounts after effecting the adjustment?
Question 3. What is the net realizable balance of the Accounts Receivable?
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