- account receivable balance
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- expense reports
Please help! 10 pts best answer!!!!
Riverbank Inc reported the following balances at the end of August 2013:
Accounts Receivable $320,000
Allowance for Uncollectible Accounts $8,200
September 2013 sales were $280,000, all on credit. The company collected $295,000 of their outstanding accounts with customers during September.
During the month, the company identified $4,500 of accounts to be written off.
The company uses the Percentage of Sales method to estimate their uncollectible account expense, which is calculated as 2% of sales.
Required: (Show your calculations.)
a) Prepare the journal entries to record (i) the estimated uncollectible accounts expense and (ii) the write-off of the accounts for September.
b) How much will the total balance in the Allowance for Uncollectible Accounts be at the end of September?
c) What is the Accounts Receivable balance at September 30, 2013.
d) What is the net realizable value of the accounts receivable at September 30, 2013?
Riverbank Inc reported the following balances at the end of August 2013:
Accounts Receivable $320,000
Allowance for Uncollectible Accounts $8,200
September 2013 sales were $280,000, all on credit. The company collected $295,000 of their outstanding accounts with customers during September.
During the month, the company identified $4,500 of accounts to be written off.
The company uses the Percentage of Sales method to estimate their uncollectible account expense, which is calculated as 2% of sales.
Required: (Show your calculations.)
a) Prepare the journal entries to record (i) the estimated uncollectible accounts expense and (ii) the write-off of the accounts for September.
b) How much will the total balance in the Allowance for Uncollectible Accounts be at the end of September?
c) What is the Accounts Receivable balance at September 30, 2013.
d) What is the net realizable value of the accounts receivable at September 30, 2013?
Accounting! 10 PTS BEST ANSWER!?
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