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How do I solve this? On April 30, Flower Party Planners had a $35,000 balance in Accounts Receivable and a $2,065 credit balance in Allowance
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On April 30, Flower Party Planners had a $35,000 balance in Accounts Receivable and a $2,065 credit balance in Allowance for Uncollectible Accounts. During May, Flower made credit sales of $190,000. May collections on account were $ 162,000, and write-offs of uncollectible receivables totaled $2,870. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at May 31. How much does Flower expect to collect? In the following T-accounts, enter the beginning balances, the adjusting entries and compute the ending balances. (Enter the corresponding letter as the posting reference.) Accounts Receivable 35,000 (b) Allowance for Uncollectible Accounts Beg Bal Beg Bal 162,000 2,065 (a) 190,000 (c) 2,870 (c) 2,870 (d) 7,600Step by Step Solution
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