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On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance for Uncollectible Accounts. During
On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance for Uncollectible Accounts. During October, the store made credit sales of $161,000. October collections on account were $137,000, and write-offs of uncollectible receivables totaled $2,300. Uncollectible account expense is estimated as 4% of revenue.
- How much bad debt expense should be recorded for 2010?
- What is the journal entry?
- How will Hilly Mountain Party Planners report Accounts Receivable on October 31 balance sheet?
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