Thompson, Inc. had accounts receivable of $580,000 and an allowance for doubtful accounts of $23,400 just before writing off as worthless an account receivable from Sullivan Company of $2,750. The net realizable value of the accounts receivable before and after the write-off was: A. $556,600 before and $556,600 after. B. $603,400 before and $600,650 after. C. $556,600 before and $553,850 after. D. $580,000 before and $577,250 after.

Thompson, Inc. had accounts receivable of $580,000 and an allowance for doubtful accounts of $23,400 just before writing off as worthless an account receivable from Sullivan Company of $2,750. The net realizable value of the accounts receivable before and after the write-off was: A. $556,600 before and $556,600 after. B. $603,400 before and $600,650 after. C. $556,600 before and $553,850 after. D. $580,000 before and $577,250 after.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
The net realisable value of the account receivable before and after the write off was .
Give me answer of this question
Please give answer of this question
Provide answer of this MCQ
Need help with this question
Vinubhai
An account receivable from aburton Company of $ 1960
Can you help me with A,b,c,e and f?
Hy expert give me solution
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $23,550. The account had an unadjusted credit balance of $11,900 at that time. a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $2,900 was determined to be uncollectible and was written off. Required: For each transaction listed above, indicate the amount and direction +for increase or -for decrease) of effects on the financial statement accounts and on the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Liabilities Stockholders' Equity