Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wilm's Window Washing Services Trial Balance January 31, 2023 Debit Credit Cash $ 12, 800 Accounts receivable 10, 440 Prepaid insurance 3, 600 Equipment 36,000 Accounts payable $ 12, 600 Wilm Schmidt, capital 57,000 Wilm Schmidt, withdrawals 10, 160 Service revenues 62,000 Salaries expense 33, 200 Insurance expense 6, 400 Maintenance expense 14, 200 Utilities expense 6, 400 Total $ 133,200 $ 131,600 The following errors were discovered: Schmidt did not post a $3, 100 purchase of equipment on credit. In posting a $2,000 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. In posting a cash receipt, Schmidt correctly debited Cash for $2,690 but incorrectly credited Accounts Receivable for $9, 290. In posting a $8, 200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. In posting the entry for services of $3,000 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense. Required: Prepare a corrected trial balance.

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Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1.  Determine the net realizable value of the accounts receivable? 2.  Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?

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In the first year of operations, Ralph's Repair Service recognized $482,000 of service revenue earned on account. The ending accounts receivable balance was $88,900. Ralph estimates that 2% of sales on account will not be collected. During the year, Ralph wrote off a $200 receivable that was determined to be uncollectible. Assume there were no other transactions affecting accounts receivable. Required: a. What amount of cash was collected in Year 1? b. What amount of uncollectible accounts expense was recognized In Year 1? c. What will be Ralph's net realizable value of receivables on the December 31, Year 1 balance sheet? a. Cash collected b. Uncollectible accounts expense c. Net realizable value of receivables

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QUESTION Caviler Company determines that it cannot collect a total of $500 from a customer. Using the allowance method, the journal entry to write off the amount would be: ANSWER Date Date Date Date Accounts Accounts Receivable Allowance for Bad Debts Accounts Bad Debts Expense Accounts Receivable Accounts Accounts Receivable Bad Debts Expense Accounts Debit Credit 500 500 Debit Credit 500 Debit Credit 500 500 500 Debit Credit 11:35 PM