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Edumunds had the following account balances at 1/1/2003, the first day the accounting period: Accounts receivable: $86,000 Allowance for Uncollectible Accounts: $17,000 During 2003, Edmunds
Edumunds had the following account balances at 1/1/2003, the first day the accounting period: Accounts receivable: $86,000 Allowance for Uncollectible Accounts: $17,000 During 2003, Edmunds had $300,000 in credit sales. Cash collected from customers totaled $280.000. Uncollectible accounts of $19,000 were written ofl. Show your work and circle your final answer. 1. What is the net realizable value of Accounts Receivable on January 1.2003? 2. What is the balance in these accounts after the 2003 activity described above? Accounts Receivable: Allowance for Uncollectible Accounts: (debit or credit? Circle one)
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