Continuation from picture, the answers are all different, please help and answer a, b1 and ii 4. Assume that the percentage of sales method was used instead by the company and that on December 31st, 2010 5% of 2010 ‘s credit sales are estimated to be uncollectible. Assume Sales for 2010 were 520,000 (60% relates to cash sales) You are now required to: a. Determine the amount to be charged to the uncollectible expense account. b. (1) Prepare the Allowance for uncollectible account for 2010, using this method (ii) Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 2010
Continuation from picture, the answers are all different, please help and answer a, b1 and ii 4. Assume that the percentage of sales method was used instead by the company and that on December 31st, 2010 5% of 2010 ‘s credit sales are estimated to be uncollectible. Assume Sales for 2010 were 520,000 (60% relates to cash sales) You are now required to: a. Determine the amount to be charged to the uncollectible expense account. b. (1) Prepare the Allowance for uncollectible account for 2010, using this method (ii) Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 2010
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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Continuation from picture, the answers are all different, please help and answer a, b1 and ii
4. Assume that the percentage of sales method was used instead by the company and that on
December 31st, 2010 5% of 2010 ‘s credit sales are estimated to be uncollectible. Assume
Sales for 2010 were 520,000 (60% relates to cash sales)
You are now required to:
a. Determine the amount to be charged to the uncollectible expense account.
b. (1) Prepare the Allowance for uncollectible account for 2010, using this method
(ii) Prepare the
Receivable
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