Question
5. Before year-end adjusting entries, Paris Corp's account balances at December 31, 2019, for accounts receivable and the related allowance for uncollectible accounts were $142,000
5. Before year-end adjusting entries, Paris Corp's account balances at December 31, 2019, for accounts receivable and the related allowance for uncollectible accounts were $142,000 and $18,000, respectively. An aging of accounts receivable indicated that $25,500 of the December 31 receivables are expected to be uncollectible. What is the net realizable value of accounts receivable after adjustment is made?
6. Consider the following: Cash in Bank, checking account of $25,000, Cash on hand of $1,125, Post-dated checks received totaling $2,700, and Certificates of deposit totaling $142,000. How much should be reported as cash in the balance sheet?
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