Name __ 1. The balance in accounts receivable is $687,000. At the end of October, Ace Company management estimates the uncollectible accounts expense to be 1 percent of net sales of $2,770,000. 1a. Give the entry to record the uncollectible accounts expense, assuming that the Allowance for Uncollectible Accounts has a debit balance of $14,000. DR ACCOUNT _____uncollectible accounts expense____ AMOUNT $___ CR ACCOUNT _To record estimated uncollectible accounts___________ AMOUNT $_

1b. What is the balance in the Allowance for Uncollectible Accounts after the above entry is made? $____________

1c. What is the amount of the Net Accounts Receivable on the balance sheet? $ ____________

2. The balance in the accounts receivable account is $984,000. An aging analysis on June 30 of the accounts receivable of James Corporation indicates uncollectible accounts of $43,000. Give the entry to record uncollectible accounts expense under each of the following independent assumptions: Assumption 1

2a. Give the journal entry to record the uncollectible accounts expense if the Allowance for Uncollectible Accounts has a credit balance of $9,000 before adjustment. DR ACCOUNT ____________________________________ AMOUNT $___________ CR ACCOUNT ____________________________________ AMOUNT $____________

2b. What is the balance in the Allowance for Uncollectible Accounts after the above entry is made? $ ____________

2c. What is the amount of the Net Accounts Receivable on the balance sheet? $ ____________

Assumption 2 2d.

Give the journal entry to record the uncollectible accounts expense if the Allowance for Uncollectible Accounts has a debit balance of $7,000 before adjustment. DR ACCOUNT ____________________________________ AMOUNT $________________ CR ACCOUNT ____________________________________ AMOUNT $________________ 2e. What is the balance in the Allowance for Uncollectible Accounts after the above entry is made? $ ____________

2f. What is the amount of the Net Accounts Receivable on the balance sheet? $ ____________