Question
12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.Yolandi's management has estimated that
12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.Yolandi's management has estimated that 1.5% of sales will be uncollectible.
For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:
Bad debt expense
Allowance for doubtful accounts
For the end of 2019, what is the company's net realizable value?
12/31/2020: During 2020, $10,000 in accounts receivable were written off.At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.Yolandi's management has estimated that 1.5% of sales will be uncollectible.
For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:
Bad debt expense
Allowance for doubtful accounts
For the end of 2020, what is the company's net realizable value?
12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000.Yolandi's management has estimated that $9,000 in accounts receivable would be uncollectible (use the aging method).
For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:
Bad debt expense
Allowance for doubtful accounts
For the end of 2019, what is the company's net realizable value?
12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.Yolandi's management has estimated that $17,000 in accounts receivable would be uncollectible (use the aging method).
Bad debt expense
Allowance for doubtful accounts
For the end of 2020, what is the company's net realizable value?
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