Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the information from the following joumal entries to answer the questions about Environmental Products Inc. for 2020. (Click the icon to view the journal

image text in transcribed
image text in transcribed
Use the information from the following joumal entries to answer the questions about Environmental Products Inc. for 2020. (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance. ($85,000) and then post to the Account Receivable T-account. How much do Environmental Products's customers owe the company at December 31, 2020 2. Start with the Allowance account's beginning credit balance, ($20,000) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Requirement 1. Start with the Account Receivable's beginning balance ($85,000) and then post to the Account Receivable T-account. How mu do Environmental Products's customers owe the company at December 31, 2020? (Leave any unused cells blank.) Accounts Receivable Using the T-account you prepared above, how much is the company owed at December 31, 2020? $ Requirement 2. Start with the Allowance account's beginning credit balance ($20,000) and then post to the Allowance for Uncollectible Accoun T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? (Leave any unused cells blank.) Allowance for Uncollectible Accounts Using the T-account you prepared above, how much does the company expect not to collect at December 31, 2020? The company expects not to collect at December 31, 2020, $ Requirement 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Environmental Products's net realizable value of accounts receivable is $ i Journal entries oy Journal Entry Accounts Debit Credit W 10 inc ed 1. Accounts Receivable 1,030,000 ru Sales Revenue 1,030,000 2. Cash 905,000 Accounts Receivable 905,000 you 13,000 cts 3. Allowance for Uncollectible Accounts Accounts Receivable 13,000 Dec ducts 12,000 4. Bad Debt Expense Allowance for Uncollectible Accounts 12,000 Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess

9th Edition

032418803X, 978-0324188035

More Books

Students also viewed these Accounting questions