Credit sales for the year were 50,000. Ending accounts receivable is $4,000. The Allowance for Doubtful accounts has a credit balance of $200. The accountant aged the accounts receivable snd determined that $530 would be uncollectible

1. Determine the uncollectible accounts expende and make adjusting entry to record this expense

2. What is the net realizable value after rhe adjusting entry is made?

3. If beginning accounts receivable is $6,000, how much cash has been collected from the customers this past year?

4. A customer signs a note receivable for $4,000 due in 90 days with an interest rate of 8%. Calculate the amount of interest due in 90 days.

5. Prepare the journal entry for the paymeent of principal and interest in question #4.

6. Prepare the journal entry to write off $300 for John Doe

7. Receivables not currently collectivle are reported in the investments section or the balance sheet

a. true

b. false

8. Of the two methos of accounting for uncollectible receivables, the allowance method provides in advance for uncollectible receivables

a. true b. false

9. The difference between the balance in the accounts feceivable and the balance in the allowance for doubtful accounts is called the net realizable value

a. true b. false

10. Receivables that are expected to be collected in cash in 18 months or less are reported in the current asset section of the balance sheet

a. true b. false