Monarch Map Company's balance sheet at December 31, 2018, reported the following:Accounts receivable....$80,000Less: Allowance for uncollectible accounts..5,000Requirements(1) How much of the receivable did Monarch expect to collect? Stated differently, what was the netrealizable value of these receivables?(2) Journalize, without explanations, 2019 entries for Monarch:a. Total credit sales for 2019 were $80,000, Monarch received cash payments on account during2018 of $65,000.b. Accounts receivable identified to be uncollectible totaled $2,500.c. December 31, 2019, aging of receivables indicates that $3,200 of the receivables is uncollectible(target balance).(3) Post the transactions to the Accounts receivable and the Allowance for uncollectible accountsT-accounts. Calculate and report Monarch's receivables and related allowance on the December 31,2019 balance sheet. What is the net realizable value of receivables at December 31, 2019? Howmuch is the uncollectible account expense for 2019?(4) What if the beginning balance in the Allowance for uncollectible accounts had instead been$6,000 credit? Journalize the entry or (entries) that would change. What would be the ending balancein the Allowance for uncollectible accounts after posting the entries? What would be the balance inAccounts receivable?

Journal entry is the practice of recording commercial transactions for the first time in the books…

Monarch Map Company's balance sheet at December 31, 2018, reported the following: Accounts receivable.... $80,000 Less: Allowance for uncollectible accounts.. .. 5,000 Requirements (1) How much of the receivable did Monarch expect to collect? Stated differently, what was realizable value of these receivables? (2) Journalize, without explanations, 2019 entries for Monarch: a. Total credit sales for 2019 were $80,000, Monarch received cash payments on account du 2018 of $65,000. b. Accounts receivable identified to be uncollectible totaled $2,500.

Monarch Map Company's balance sheet at December 31, 2018, reported the following: Accounts receivable.... $80,000 Less: Allowance for uncollectible accounts.. .. 5,000 Requirements (1) How much of the receivable did Monarch expect to collect? Stated differently, what was realizable value of these receivables? (2) Journalize, without explanations, 2019 entries for Monarch: a. Total credit sales for 2019 were $80,000, Monarch received cash payments on account du 2018 of $65,000. b. Accounts receivable identified to be uncollectible totaled $2,500.

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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