Use the following to answer questions 8 – 11The following information pertains to RC, Inc. for themonth of December:Credit sales$900,000Accounts payable38,500Accounts receivable55,400Allowance for Uncollectible accounts400 creditCash sales300,000RC uses the percent of receivables method and estimatesit will not collect 5% of accounts receivable.8.$Determine the ending balance forthe Allowance for Uncollectible AccountsDetermine the appropriate amount$to record for Bad Debt expense9._Assuming the Allowance forUncollectible accounts had a $700 debit balance,determine the amount to record for Bad Debt expense10.$11.$After recording bad debt expense,the Net Accounts Receivable is:

Solution:- Given, Credit sales = $900,000 Accounts payable = $38,500 Accounts receivable = $55,400…

8. Determine the ending balance for the Allowance for Uncollectible Accounts Determine the appropriate amount $ to record for Bad Debt expense 9. Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the amount to record for Bad Debt expense 10. $ 11. $ After recording bad debt expense, the Net Accounts Receivable is:

8. Determine the ending balance for the Allowance for Uncollectible Accounts Determine the appropriate amount $ to record for Bad Debt expense 9. Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the amount to record for Bad Debt expense 10. $ 11. $ After recording bad debt expense, the Net Accounts Receivable is:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 66E: Bad Debt Expense: Percentage of Credit Sales Method Gilmore Electronics had the following data for a...

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