During June 2019, Andy Company had the following transactions: 1 Sales of $185,000 ($142,000 on account, $43,000 for cash). 2. Collections on account, $128,000 3 Write-offs of uncollectible receivables, S1,900 4. Recovery of receivable previously written off $600. Additional information Ignore Cost of Goods Sold Andy uses the allowance method for uncollectibles Andy estimates that 4.50% of its accounts receivable will be uncollectible. On June 1, 2019, the Accounts Receivable balance was $25.000 and the Allowance for Bad Debts had a normal account balance of $1,125. Requirements: a. Prepare the journal entries for the June 2019 transactions. b. prepare the june 30, 2019 adjusting journal entry. c. what is the net realizable value of acccounts receivable on june 30, 2019(after the adjusting journal has been posted)?
4) During June 2019, Andy Company had the following transactions: 1 Sales of $185,000 ($142,000 on account, $43,000 for cash). 2. Collections on account, $128,000 3 Write-offs of uncollectible receivables, S1,900 4. Recovery of receivable previously written off $600. Additional information Ignore Cost of Goods Sold Andy uses the allowance method for uncollectibles Andy estimates that 4.50% of its
a. Prepare the journal entries for the June 2019 transactions.
b. prepare the june 30, 2019
c. what is the net realizable value of acccounts receivable on june 30, 2019(after the adjusting journal has been posted)?
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