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the stable-monetary-unity assumption Question 7 0 / 10 point On July 31, Ci Hng Ltd. had a $34,000 balance in Accounts Receivable and a
the stable-monetary-unity assumption Question 7 0 / 10 point On July 31, Ci Hng Ltd. had a $34,000 balance in Accounts Receivable and a $2,500 credit balance in Allowance for Unccolectible Accounts. During August, Ci Hng Ltd. made credit sales of $68,000. August cash collections on account were $43,000; write-offs of uncollectible receivables totalled $1,800; and an account of $700 was recovered. After careful assessment of the updated accounts receivables, Ci Hng Ltd. estimates that $2,900 won't be collected. Requirement 1: Update the account balances of the following accounts according to the information above: Accounts Receivable, Allowance for Uncollectible Accounts, Bad Dept Expense. Requirement 2: Journalize the write-offs and the recovered amount. Requirement 3: Journalize the estimated bad debt expense accordingly. Please fill out the blanks below. After submitting the exam, upload your calculations and journal entries to the dropbox. Blank #1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Blank #3: Which account needs to be debited in the journal entry to record the write-off? (use same spelling as in the text above) Blank #4: What $-amount has to be debited in the journal entry to record the estimated uncollectible accounts receivables? Required number format: only enter plain numbers, no $-signs or commas. Round final results to total $-amounts. Answer for blank #1: (57200)
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