Business, 22.02.2021 18:40 latezwardjr15
The following information is available for Quality Book Sales's sales on account and accounts receivable:
Accounts Receivable Balance, January 1, 2000 $78,500
Allowance for Doubtful Accounts, January 1, 2000 4,710
Sales on Account, 2000 550,000
Collections of Accounts Receivable, 2018 556,000
After several collection attempts, Quality Book Sales wrote off $2,950 of accounts that could not be collected. Quality Book Sales estimates that 0.75 percent of sales on account will be uncollectible.
Required:
a. Compute the following amounts:
1. Using the allowance method, the amount of uncollectible accounts expense for Year 2. (Round your final answer to nearest whole dollar amount.)
2. Net realizable value of receivables at the end of Year 2. (Round intermediate calculations final answer to nearest whole dollar amount.)
b. Explain why the uncollectible accounts expense amount is different from the amount that was written off as uncollectible.
1. Uncollectible accounts expense is an estimate of current receivables that may eventually be uncollectible.
2. Uncollectible accounts expense is the actual amount that was determined in the current accounting period to be uncollectible
Answers: 3
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