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Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts receivable; Aging class Receivable Balance (OMR) Estimate % of uncollectible 0-60 days 220,000 61–90 days 50,000 10 91–120 days 25,000 25 Over 120 days 10,000 45 Estimate the amount allowance using Accounts Receivable Aging Method and write necessary entries. Show how accounts receivable would be reported in balance sheet on 31 December 2019

Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts receivable; Aging class Receivable Balance (OMR) Estimate % of uncollectible 0-60 days 220,000 61–90 days 50,000 10 91–120 days 25,000 25 Over 120 days 10,000 45 Estimate the amount allowance using Accounts Receivable Aging Method and write necessary entries. Show how accounts receivable would be reported in balance sheet on 31 December 2019

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts receivable; Aging class Receivable Balance (OMR) Estimate % of uncollectible 0-60 days 220,000 5 61–90 days 50,000 10 91–120 days 25,000 25 Over 120 days 10,000 45 Estimate the amount allowance using Accounts Receivable Aging Method and write necessary entries. Show how accounts receivable would be reported in balance sheet on 31 December 2019
Transcribed Image Text:Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts receivable; Aging class Receivable Balance (OMR) Estimate % of uncollectible 0-60 days 220,000 5 61–90 days 50,000 10 91–120 days 25,000 25 Over 120 days 10,000 45 Estimate the amount allowance using Accounts Receivable Aging Method and write necessary entries. Show how accounts receivable would be reported in balance sheet on 31 December 2019
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