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The general ledger of Pop's Flreworks Includes the following account balances in 2024: In addition, the following transactions occurred during 2024 and are not yet
The general ledger of Pop's Flreworks Includes the following account balances in 2024: In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $11,. Al1 services on account include terms 2/10,n/3. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged \$7, 800 . November 15 Write off customer accounts of $3,10 as uncollectible. The following Information Is available on December 31. a. Estimate that 10% of the balance of accounts recelvable (after transactions In requirement 1 ) will not be collected. (HInt. Use the January 31 accounts recelvable balance calculated in the general ledger to determine the total estimate of uncollectlble accounts.) b. Accrue Interest on the note recelvable of $18,000, which was accepted on October 1, 2024. Interest Is due each September 30. Analyze the following information: (a) By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024 ? Bad Debt Expense (b) What is the ending balance of Allowance for Uncollectible Accounts? Ending Balance of Allowance for Uncollectible Accounts (c) What amount of cash is expected to be collected from accounts receivable? Amount expected to be collected
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