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Category > Accounting Posted 05 May 2017 My Price 6.00

Prepare journal entries to record the write-off of receivables

Uncollectible accounts; allowance method; balance sheet approach

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2016 and $21,000 in receivables were written off during the year as uncollectible. Also, $1,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.

Required:

1. Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.

2. How would accounts receivable be shown in the 2016 year-end balance sheet?

 

 

Answers

Alpha Geek
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Status NEW Posted 05 May 2017 10:05 AM My Price 6.00

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file 1493981819-Answer.docx preview (203 words )
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