PA10. LO 5.2 The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial Balance: Post-Closing Trial Balance Debit Credit Cash $29,900 5,500 Prepaid Insurance Fixed Assets $ 50,000 Notes Payable 46,000 Common Stock 32,000 Retained Earnings 7,400 $103,400 $67,400

Hello, #8 I have continuously got it wrong. Question: Estimate that 25% of uncollected accounts will not be received.

Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it.  Write- off Method cash                                                                                       15,000 accounts receivable                                 40,000 less: allowance for doubtful accounts    6,000                   36,000 inventory                                                                               15,000 total current assets                                                               66,000                                                              before write off                                                  after Write off Accounts receivable                        50,000                                     49,000 allowance for DA                             3,000                                      2,0000 cash Realizable value                      47,000                                      47,000

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