Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please i need good accounting professor to solve this, many have solved it and got it wrong. solve and provide answers in table form just
Please i need good accounting professor to solve this, many have solved it and got it wrong.
solve and provide answers in table form just as in the question for easy understanding. Thank you.
( 2i )
( 2ii )
Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following: Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $262,100 646,900 248,995 1,099 Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: a. What is the Accounts Receivable balance at December 31, 2018? b. What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries are posted? c. What is the amount of uncollectible accounts expense for 2018? d. What is the net realizable value of accounts receivable at December 31, 2018? a. Accounts receivable b. Allowance for doubtful accounts c. Uncollectible accounts expense d. Net realizable value
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started