Kim and Kim (K&K) Companys balance sheet at December 31, 2017, reported the following

Accounts receivable............................................................... $2,000,000

Allowance for uncollectible accounts.....................................$20,000 DR

Requirements:

1. What was the net realizable value of these receivables at December 31, 2017?

2. Journalize, without explanations, 2018 entries for Kim and Kim Company:

a. Total credit sales for 2018 were $1,200,000; 2% of sales were estimated to be uncollectible.

b. K&K Company received cash payments on account during 2018 of $780,000.

c. Accounts receivable identified to be uncollectible totaled $38,000.

d. December 31, 2018, the aging of receivables indicates that $43,000 of the receivables is uncollectible (target balance).

3. Post the transactions to the Accounts receivable and the Allowance for uncollectible accounts T-accounts. Calculate and report K&Ks receivables and related allowance on the December 31, 2018 balance sheet.

4. What is the net realizable value of receivables at December 31, 2018?

5. How much is the uncollectible account expense for 2018?