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help answer the required section. thank u The following information is available for Quality Book Sales' sales on account and accounts receivable: Accounts receivable balance,
help answer the required section. thank u
The following information is available for Quality Book Sales' sales on account and accounts receivable: Accounts receivable balance, January 1, Year 2 $79,400 Allowance for doubtful accounts, January 1, Year 2 4,890 Sales on account, Year 2 559,000 Collection on accounts receivable, Year 2 565,000 After several collection attempts, Quality Book Sales wrote off $2,950 of accounts that could not be collected. Quality Book Sales estimates that 4 percent of the ending accounts recelvable balance will be uncollectible. Required a. Compute the following amounts: (1) Using the allowance method, the amount of uncollectible accounts expense for Year 2 (2) Net realizable value of receivables at the end of Year 2. b. Record the general Journal entries to: (1) Record sales on account for Year 2 (2) Record cash collections from accounts receivable for Year 2 (3) Write off the accounts that are not collectible. (4) Record the estimated uncollectible accounts expense for Year 2 Step by Step Solution
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