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need help on the Balance Sheet Partial: On June 30 Special Party Planners had a $37.000 balance in Accounts Receivable and a 53,617 credit balance
need help on the Balance Sheet Partial:
On June 30 Special Party Planners had a $37.000 balance in Accounts Receivable and a 53,617 credit balance in Allowance for Uncollectible Accounts During July. Special made credit sales of $193.000. July collections on account were 5169.000 and write-offs of uncollectible receivables totaled $2,820 Uncollectible-accounts expense is estimated as 4% of credit sales No sales returns are expected Ignore cost of goods sold Read the requirements reference) Beg Bal (a) Bal Accounts Receivable 37000 (b) 193 000 169 000 2820 Allowance for Uncollectible Accounts (c) 2.820 Beg Bal 3.617 (d) 7720 Bal 8.517 58, 180 Compute the net accounts receivable at July 31 $49.663 The te accounts receivable af July 31 $ 49,663 Special expects to collect Requirement 3. Show how Special Party Planners will report accounts receivable and net sales on its July 31 balance sheet and income statement for the month ended July 31 Begin by preparing the partial balance sheet showing how the store will report accounts receivable on July 31 20 Balance Sheet (Partial): Accounts receivable Less Allowance for uncollectible accounts 56180 7720 48460 Revenue, net Check Step by Step Solution
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