Sales on credit during the year were $300,000, the Provision for Uncollectible Accounts had a beginning balance of $2,500 on credit, accounts canceled during the year were $2,200. It is estimated that 2% of all credit sales are eventually uncollectible. 

What is the ending balance in the Reserve for Bad Accounts?

The beginning balance in the Allowance for Bad Accounts account is a credit of $3,500. After performing an aging analysis, management determined that $11,700 of accounts receivable will be uncollectible. 

What was the bad debt expense for the year?

ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at 4% interest for 5 months. 

How much interest income must ShadyTree recognize over the entire term of the note?

The year-end balance in accounts receivable is $300,000, the Allowance for Uncollectible Accounts had an initial debit balance of $2,500, accounts paid off during the year was $2,200. An aging of accounts receivable shows that $13,200 in accounts receivable will be uncollectible. 

What is the net realizable value of accounts receivable at the end of the year?

Sales on credit during the year were $300,000, the Provision for Uncollectible Accounts had a beginning balance of $2,500 on credit, accounts canceled during the year were $2,200. It is estimated that 2% of all credit sales are eventually uncollectible. 

What is Bad Accounts Expense?

Maribel Company had sales of $5,600,000 for the year. During the same year, his uncollectible accounts amounted to $780. If Maribel uses the direct write-off method to account for bad debts, 

What journal entry would be used to write off an account?