On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivabl- and a $3,100 credit balance in Allowance for Uncollectible Accounts. During Augus Bristlecone Pine Art Ltd. made credit sales of $42,000. August cash collections on account were $17,800; write-offs of uncollectible receivables totalled $1,200; and an account of $400 was recovered. After careful assessment of the updated accounts receivables, Bristlecone Pine Art Ltd. estimates that $3,800 won't be collected. Blank # 1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the- information in the following order;

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivable
and a $3,100 credit balance in Allowance for Uncollectible Accounts. During August,
Bristlecone Pine Art Ltd. made credit sales of $42,000. August cash collections on
account were $17,800; write-offs of uncollectible receivables totalled $1,200; and
an account of $400 was recovered.
After careful assessment of the updated accounts receivables, Bristlecone Pine Art
Ltd. estimates that $3,800 won't be collected.
Blank #1: What is the updated Accounts Receivable balance?
Blank #2: What is the updated Allowance for Uncollectible Accounts balance?
Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the
information in the following order:
Blank #3: Debit account
Blank #4: Debit $-amount
Blank #5: Credit account
Blank #6: Credit $-amount
Required formatting: For $-amounts, only enter the plain number without $-sign,
commas etc. Round results to full units (i.e., round to dollar).
Transcribed Image Text:On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivable and a $3,100 credit balance in Allowance for Uncollectible Accounts. During August, Bristlecone Pine Art Ltd. made credit sales of $42,000. August cash collections on account were $17,800; write-offs of uncollectible receivables totalled $1,200; and an account of $400 was recovered. After careful assessment of the updated accounts receivables, Bristlecone Pine Art Ltd. estimates that $3,800 won't be collected. Blank #1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount Blank #5: Credit account Blank #6: Credit $-amount Required formatting: For $-amounts, only enter the plain number without $-sign, commas etc. Round results to full units (i.e., round to dollar).
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