The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,504 $ 3,417 Allowance for doubtful accounts 125 170...
The following account balances come from the records of Ourso Company:
| Beginning Balance | Ending Balance | ||||||
| Accounts receivable | $ | 2,504 | $ | 3,417 | |||
| Allowance for doubtful accounts | 125 | 170 | |||||
During the accounting period, Ourso recorded $11,800 of sales revenue on account. The company also wrote off a $182 account receivable.
Required
- Determine the amount of cash collected from receivables.
- Determine the amount of uncollectible accounts expense recognized during the period
Homework Answers
a. Determine the amount of cash collected from receivables.
| Particular | Amount |
| Beginning accounts receivable | $2,504 |
| (+) Sales Revenue | $11,800 |
| (-) Ending accounts receivable | $3,417 |
| (-) Accounts receivable wrote off | $182 |
| Cash collected from receivables | $10,705 |
b. Determine the amount of uncollectible accounts expense recognized during the period.
| Beginning balance in Allowance for Doubtful Accounts | $125 |
| (-) Accounts receivable wrote off | $182 |
| (-) Ending balance in Allowance for Doubtful Accounts | $170 |
| Uncollectible accounts expense | $227 |
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The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,504 $ 3,417 Allowance for doubtful accounts 125 170...
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Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
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Uncollectible accounts are expected to be 6% of the ending balance
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Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
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bad debts Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $86,000 and $4800, respectively. During Year 2, Allegheny wrote off $9000 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $7200. What amount will Allegheny report as bad debts Expense on its Year 2 income statement? $9000 $11,400 $2400 $7200
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total...
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