nt receivable is uncollectable after preparing an Aging of their A/Rec They determine this to be a material amount and therefore use the Allowance Method a) prepare the accounting for estimating Bad Debt Exp under the Allowance Method b) show the Corp’s Net Realizable Value after (a) above c) After accounting for their Allowance, on 7/1/1~ Bigger identifies Customer F to be written off. F owes then, $20,000 show the accounting for Cust F’s write-off under the Allowance Method d) show the Corp’s Net Realizable Value after writing off Customer F #3: 1) What is an “aging of accounts receivable”? 2) State 2 for and 2 reasons against
Complete the acounting for the following
#1:
a) Strand corp sells $200,000 worth of student-consulting services, 70% on account the remainer for cash
b) Strand collects $50,000 from customers previosuly sold to on account
c) Strand corp determines that its
#2:
Bigger corp has nurnerous clients they sell to on account. At 12/31/18, Bigger’s
and their balance in their Allowance for Bad Debt account is a credit balance of $15,000
Based on past experience and other factors, the corp estimates that 8% of its account receivable is uncollectable after preparing an Aging of their A/Rec They determine this to be a material amount and therefore use the Allowance Method
a) prepare the accounting for estimating Bad Debt Exp under the Allowance Method b) show the Corp’s Net Realizable Value after (a) above
c) After accounting for their Allowance, on 7/1/1~ Bigger identifies Customer F to be written off. F owes then, $20,000 show the accounting for Cust F’s write-off under the Allowance Method
d) show the Corp’s Net Realizable Value after writing off Customer F
#3:
1) What is an “aging of accounts receivable”?
2) State 2 for and 2 reasons against selling on account
3) How does Notes Receivable differ from Accounts Receivable?
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