A corporation began 2021 with $38000 balance and accounts receivable and an $600 balance and the allowance for doubtful accounts. During 2021 the company had a credit sales of $45000 on account collections on accounts receivable of 47000 and wrote off uncollectible accounts of 350 during the year the company uses the allowance method and believes that 2% of the credit sales will be uncollected What will the balance be in the accounts receivable account at the end of 2021? What will be the amount of uncollectible expense? What will be the net realizable value of receivables?

A corporation began 2021 with $38000 balance and accounts receivable and an $600 balance and the allowance for doubtful accounts. During 2021 the company had a credit sales of $45000 on account collections on accounts receivable of 47000 and wrote off uncollectible accounts of 350 during the year the company uses the allowance method and believes that 2% of the credit sales will be uncollected What will the balance be in the accounts receivable account at the end of 2021? What will be the amount of uncollectible expense? What will be the net realizable value of receivables?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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