E8-3 On September 30.

Ageless Technology had a $28.000 debit balance in Accounts Receivable. During October, the company had sales of $187.000, which included $120,000 in credit sales. October collections were $91,000. Other data include September 30 credit balance in Allowance for Uncollectible Accounts, $1.600. Uncollectible-account expense, estimated as 2% of credit sales. Write-offs of uncollectible receivables totaled $1,070.

Required 1.Prepare journal entries to record sales, collections, uncollectible-account expense by the allowance method (percent-of-sales methody, and write-offs of uncollectibles during October 2.Show the ending balances in Accounts Receivable. Allowance for Uncollectible Accounts, and net accounts receivable at October 31.

How much does Ageless expect to collect?

3.

Show how Ageless will report Accounts Receivable on its October 31 balance sheet. Use the format illustrated for Intel on page 325.