The following selected transactions were taken from the records of Bingham Company for the year ended December
Question:
Mar. 13. Wrote off account of H. Ballard, $4,200.
Apr. 19. Received $3,000 as partial payment on the $7,500 account of M. Rainey.
Wrote off the remaining balance as uncollectible.
Jul. 9. Received the $4,200 from H. Ballard, which had been written off on March 13. Reinstated the account and recorded the cash receipt.
Nov. 23. Wrote off the following accounts as uncollectible (record as one journal entry):
J. Shaw ....... $1,200
P. Newman ...... 750
Nichole Chan ...... 480
Dec. 31. The company prepared the following aging schedule for its accounts receivable:
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a. Journalize the transactions for 2015 under the allowance method, assuming that the allowance account had a beginning balance of $12,000 on January 1, 2015, and the company uses the aging of receivables method.
b. Determine the net realizable value of accounts receivable as at December 31, 2015.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Aging Schedule
Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...
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a Mar 13 Allowance for Doubtful Accounts 420000 Accounts ReceivableH Ballard 420000 Apr 19 Cash 3000...View the full answer
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