Question
Friedman enterprises had the following transactions during 2019. AR= 175,000 on January 1 Cash collections throughout the year totaled 120,000 Estimated that 18% of its
Friedman enterprises had the following transactions during 2019.
AR= 175,000 on January 1
Cash collections throughout the year totaled 120,000
Estimated that 18% of its receivables would be uncollectable.
The allowance account had a debit balance of 1400 at 12/31/19.
Required:
1. Calculate the allowance account
2. Calculate the net realizable value
3. Journalize any adjusting entry
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Financial Forensics Body Of Knowledge
Authors: Darrell D. Dorrell, Gregory A. Gadawski
1st Edition
0470880856, 978-0470880852
