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Accounts Recelvable Evans Engraving specializes in custom engraved awarcis, plaques and trophies. During 2014, it had $400.000 of total gross sales $300,000 of which were
Accounts Recelvable Evans Engraving specializes in custom engraved awarcis, plaques and trophies. During 2014, it had $400.000 of total gross sales $300,000 of which were on account Evans collected $260,000 from its customers during the year, wrote-off 516,000 of uncollectible recevables, and gave $18.000 in sales discounts to customers Complete the following t-accounts related to the company's 20Y4 receivables transactions. Assume that Evans uses the Percentage of Receivables method of determining bad debts and estimates zx of its outstanding receivables will become uncollectible Enter dollar values with no dollar sign and appropriate commas leg. 5,000). Every box In each t-account relates to a separate transaction and every box needs an answer. If there is no dollar value for the box, put a "o" in the space provided. If the t-account is not used, write "Blank" for the account title. ASSETS LIABILITIES EQUITY + + + Cash Sales Revenue Sales Discounts Accounts Receivable 11 BAL 180,000 Allowance for Doubtful Accounts Bad Debt Expense 3,600 BAL 1/1 What is the 12/31/44 Cash (Net) Realizable Value of Accounts Receivable
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