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acc_201_week_2_dq_2_debit_credit.doc

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PROBLEM 5-24
a. (1) $925,000 x .5% = $4,625
(2)
Accounts Receivable
Allowance for Doubtful
Accounts
Beg. Bal. 52,500
Beg. Bal. 4,725
Sales on account. 925,000
Uncoll. Acct. expense 4,625
Collections on account (835,000)
Write off of bad accts (3,100)
Write off of bad accts (3,100)
Bal. 6,250
Bal. $139,400
Accounts Receivable Balance, 12/31/12
$139,400
Less: Allowance for Doubtful Accounts, 12/31/12
(6,250)
Net Realizable Value
$133,150
b. Uncollectible accounts expense is an estimate of current
receivables that may eventually be uncollectible. The amount written
off as uncollectible is the actual amount that was determined in the
current accounting period to be uncollectible.
PROBLEM 5-26
a. $292,000 $57,400 = $234,600
b. $57,400 x 4% = $2,296
c. $57,400 $2,296 = $55,104
d.
Assets
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Even
Cash
+
Acc. Rec.
Allow.

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t
1.
NA
292,000
NA
NA
292,000
292,000
NA
292,000
2.
234,600
(234,600)
NA
NA
NA
NA
NA
NA
3.
NA
NA
2,296
NA
(2,296)
NA
2,296
(2,296)

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PROBLEM 5-24 a. (1) $925,000 x .5% = $4,625 (2) Accounts Receivable Allowance for Doubtful Accounts Beg. Bal. 52,500 Beg. Bal. 4,725 Sales on account. 925,000 Uncoll. Acct. expense 4,625 Collections on account (835,000) Write off of bad accts (3,100) Write off of bad accts (3,100) Bal. 6,250 Bal. $139,400 Accounts Receivable Balance, 12/31/12 $139,400 Less: Allowance for Doubtful Accounts, 12/31/12 (6,250) Net Realizable Value $133,150 b. Uncollectible accounts expense is an estimate of current receivables that may eventually be uncollectible. The amount written off as uncollectible is the actual amount that was determined in the current accounting period to be uncollectible. PROBLEM 5-26 a. $292,000  $57,400 = $234,600 b. $57,400 x 4% = $2,296 c. $57,400  $2,296 = $55,104 d. Assets = Liab. + Equity Rev.  Exp. = Net Inc. ...
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