UESTION 1 he beginning of 2018 Evan Company had a $1,566 balance in its accounts receivable account and a $415 balance in allowance for doubtful ounts. During 2018, Evan experienced the following events. (1) Earned $4,933 of revenue on account. (2) Collected $2,159 cash from accounts receivable. (3) Wrote-off $478 of accounts receivable as uncollectible. an estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 adjusted balance in the allowance doubtful accounts is
UESTION 1 he beginning of 2018 Evan Company had a $1,566 balance in its accounts receivable account and a $415 balance in allowance for doubtful ounts. During 2018, Evan experienced the following events. (1) Earned $4,933 of revenue on account. (2) Collected $2,159 cash from accounts receivable. (3) Wrote-off $478 of accounts receivable as uncollectible. an estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 adjusted balance in the allowance doubtful accounts is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:QUESTION 1
At the beginning of 2018 Evan Company had a $1,566 balance in its accounts receivable account and a $415 balance in allowance for doubtful
accounts. During 2018, Evan experienced the following events.
(1) Earned $4,933 of revenue on account.
(2) Collected $2,159 cash from accounts receivable.
(3) Wrote-off $478 of accounts receivable as uncollectible.
Evan estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 adjusted balance in the allowance
for doubtful accounts is
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education