ACC 201 Week 3 Chapter 5 Problems

Apr 3rd, 2015
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ACC 201 Week 3 Chapter 5 Problems

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PROBLEM 5-24a. (1) $925,000 x .5% = $4,625(2)Accounts ReceivableAllowance for Doubtful AccountsBeg. Bal.52,500Beg. Bal. 4,725Sales on account.925,000Uncoll. Acct. expense4,625Collections on account(835,000)Write off of bad accts (3,100)Write off of bad accts(3,100)Bal. 6,250Bal.$139,400Accounts Receivable Balance, 12/31/12$139,400Less: Allowance for Doubtful Accounts, 12/31/12 (6,250)Net Realizable Value$133,150b.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 5-26a. $292,000 ? $57,400 = $234,600b. $57,400 x 4% = $2,296c.$57,400 ? $2,296 = $55,104d.Assets=Liab.+EquityRev.?Exp.=Net Inc.Even

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