Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount ofcredit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following:Sales on account$271,400Cash sales623,900257,8301,355Collectionss of accounts receivableUncollectible accounts charged off during the yearRequiredAssume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of itssales on account will not be collected. Answer the following questions:a. What is the Accounts Receivable balance at December 31, 2018?b. What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries areposted?c. What is the amount of uncollectible accounts expense for 2018?d. What is the net realizable value of accounts receivable at December 31, 2018?Answer is complete but not entirely correct.$ 12,215Accounts receivable|ь.а.Allowance for doubtful accountsUncollectible accounts expenseNet realizable value5,421$ 2,714$ 93,315с.6е

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Asked Nov 7, 2019
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What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries are posted? Also what the net realizable value of accounts receivable at December 31, 2018?

Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of
credit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following:
Sales on account
$271,400
Cash sales
623,900
257,830
1,355
Collectionss of accounts receivable
Uncollectible accounts charged off during the year
Required
Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its
sales on account will not be collected. Answer the following questions:
a. What is the Accounts Receivable balance at December 31, 2018?
b. What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries are
posted?
c. What is the amount of uncollectible accounts expense for 2018?
d. What is the net realizable value of accounts receivable at December 31, 2018?
Answer is complete but not entirely correct.
$ 12,215
Accounts receivable
|ь.
а.
Allowance for doubtful accounts
Uncollectible accounts expense
Net realizable value
5,421
$ 2,714
$ 93,315
с.
6е
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Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following: Sales on account $271,400 Cash sales 623,900 257,830 1,355 Collectionss of accounts receivable Uncollectible accounts charged off during the year Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: a. What is the Accounts Receivable balance at December 31, 2018? b. What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries are posted? c. What is the amount of uncollectible accounts expense for 2018? d. What is the net realizable value of accounts receivable at December 31, 2018? Answer is complete but not entirely correct. $ 12,215 Accounts receivable |ь. а. Allowance for doubtful accounts Uncollectible accounts expense Net realizable value 5,421 $ 2,714 $ 93,315 с. 6е

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Accounts Receivable:

 

An accounts receivable is the money owed by the customers to the business for the goods or services delivered to ...

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