ACC 201 week 3 Assignment 1
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Description
Chapter 5 Problems
Shantae Lovett
ACC 201
LaKeitha Givens
December 16, 2012
5-24 determining account balances: percent of revenue allowance method of accounting for uncollectible accounts.
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925,000 x .5% 4,625
Accounts Receivable
Allowance for Doubtful Accounts
Beginning Balance52,500
Beginning Balance 4,725
Sales on account.925,000
Uncoll. Acct. expense4,625
Collections on account(835,000)
Write off of bad accts (3,100)
Write off of bad accts(3,100)
Balance6,250
Balance139,400
Accounts Receivable Balance, 12/31/12
139,400
Less: Allowance for Doubtful Accounts, 12/31/12
*6,250*Net Realizable Value
133,150
5-26 determining of account balances - percent of receivables allowance method of accounting for uncollectible accounts.
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