On March 31, 2021, when its Accounts Receivable was $318,000 and its Allowance for Doubtful Accounts had an unadjusted credit balance of $2,100, Oxford estimated that $17,800 of its accounts receivable account would become uncollectible, and it recorded the bad debts adjusting entry. On May 15, 2021, Oxford determined that Cambridge's account was uncollectible and wrote off $2,000. On June 12, 2021, Cambridge paid the amount previously written off. and Allowance for Doubtful Accounts What is the ending balance of Oxford's Accounts Receivable transactions have been recorded?. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25) QUESTION 33 after all of the above
On March 31, 2021, when its Accounts Receivable was $318,000 and its Allowance for Doubtful Accounts had an unadjusted credit balance of $2,100, Oxford estimated that $17,800 of its accounts receivable account would become uncollectible, and it recorded the bad debts adjusting entry. On May 15, 2021, Oxford determined that Cambridge's account was uncollectible and wrote off $2,000. On June 12, 2021, Cambridge paid the amount previously written off. and Allowance for Doubtful Accounts What is the ending balance of Oxford's Accounts Receivable transactions have been recorded?. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25) QUESTION 33 after all of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
accounts receivable
Transcribed Image Text:On March 31, 2021, when its Accounts Receivable was $318,000 and its Allowance for Doubtful Accounts had an unadjusted credit balance of $2,100, Oxford estimated that $17,800
of its accounts receivable account would become uncollectible, and it recorded the bad debts adjusting entry. On May 15, 2021, Oxford determined that Cambridge's account was
uncollectible and wrote off $2,000. On June 12, 2021, Cambridge paid the amount previously written off.
and Allowance for Doubtful Accounts
What is the ending balance of Oxford's Accounts Receivable
transactions have been recorded?.
(Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)
QUESTION 33
after all of the above
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