12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.  Yolandi’s management has estimated that 1.5% of sales will be uncollectible.     For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:   Bad debt expense   Allowance for doubtful accounts   For the end of 2019, what is the company’s net realizable value?   12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.  Yolandi’s management has estimated that 1.5% of sales will be uncollectible.   For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:   Bad debt expense   Allowance for doubtful accounts   For the end of 2020, what is the company’s net realizable value?     12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.  Yolandi’s management has estimated that $9,000 in accounts receivable would be uncollectible (use the aging method).     For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:   Bad debt expense   Allowance for doubtful accounts   For the end of 2019, what is the company’s net realizable value?   12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.  Yolandi’s management has estimated that $17,000 in accounts receivable would be uncollectible (use the aging method).   Bad debt expense   Allowance for doubtful accounts   For the end of 2020, what is the company’s net realizable value?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.  Yolandi’s management has estimated that 1.5% of sales will be uncollectible.  

 
For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:

 

Bad debt expense

 

Allowance for doubtful accounts

 

For the end of 2019, what is the company’s net realizable value?

 


12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.  Yolandi’s management has estimated that 1.5% of sales will be uncollectible.  

For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:

 

Bad debt expense

 

Allowance for doubtful accounts

 

For the end of 2020, what is the company’s net realizable value?

 

 

12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.  Yolandi’s management has estimated that $9,000 in accounts receivable would be uncollectible (use the aging method).  
 
For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:

 

Bad debt expense

 

Allowance for doubtful accounts

 

For the end of 2019, what is the company’s net realizable value?

 


12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.  Yolandi’s management has estimated that $17,000 in accounts receivable would be uncollectible (use the aging method).  

Bad debt expense

 

Allowance for doubtful accounts

 

For the end of 2020, what is the company’s net realizable value?

 

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