Question
using the balance sheet equation, account for the following transaction: Part A) 1) X crop sells $300,000 worth of services on account to various customers.
using the balance sheet equation, account for the following transaction: Part A) 1) X crop sells $300,000 worth of services on account to various customers. 2) X crop collects $150,000 from customers on account. 3) X crop writes-off customers D because they are unable to collect the accounts receivable; customer D owes $1,000 (x crop uses the Direct write-off Method) Part B) Strand crop uses the Allowence Method 1) At 12/31st , the balance in Strand Crop accounts receivable = $275,000 and Strand estimates uncollectable accounts to be 10% of accounts receivable balance at 12/31. Accounts the estimate. 2) After #1 ABOVE, show the co's Net Realizable Balance schedule at 12/31 Part C) State at least 2 reasons FOR and 2 reasons AGAINST selling on account
I posted this question and I only got answer Part A and half of part B done, please answer the whole qestion part A,B,and C I am reposting the question to get the full answer Thank you
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